Sorry if this has been covered elsewhere but remember, I'm a dummy…
Can someone explain (in small words) how the taxes for owner operator's with an LLC work?
I've read that the self employment tax is 15.3% but I assume that's just for the federal side of things? Will more than that be owed to the state? I've read a good rule of thumb is to save 30% for taxes… what is the other 14.7% for?
Secondly, are your taxes paid off of your gross income before or after expenses are paid? I…
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