Do you make over $250K

I'm just wondering how many of us would be impacted if Obama raised the taxes of people making over $250K.

I've created an anonymous poll. Please mark the poll appropriately if you or your small business makes over or under $250K of taxable income.

When making your choice select the option that reflects your Net taxable income.

 

The poll didn't show. I think you can go back and maybe edit and put it in.

...Nevermind...it just showed

 

It's there now...Thanks

 

It would take me about 7.5 years to hit 250k

 

I am considered a contractor. I work in the computer field

 

So do you think a person making $250K is wealthy? To me that sounds like a lot of money, but then again I'm not a business owner. I do have several friends that own businesses, and they don't make anywhere near $250K.

At what dollar amount does a small business become a big business?

 

I could be wrong, but I don't think the money spent of those items is taxable is it?

 

I haven't seen that anywhere. I just did a quick browse through his tax plan and it doesn't mention that taxes would be based on gross income. I would have to imagine that, just like it is today, that you will have non-taxable and taxable income.

If his tax plan was based on net taxable income instead of gross income would that make a difference to you?

 

Can someone please explain what a "small business" is, really? If you're incorporated, and your salary is less than that, but your business makes that, what does that mean? I don't understand all the tax stuff, I know what a profit, asset and liability is, and that's about it. Are you automatically NOT a small business if you're incorporated? How does that work? Or is it just $$$ related?

 

Like "Lower class", "Middle class" and "Upper class", there is no "official" definition. It all depends on who's talking and when they're trying to sell.

 

Posting?

Could someone tell or direct me on posting? I'm new (day two).

Thanks,

Keech

 

Taxes are based on net income

This is from Obama's website. Small business owner's will only be taxed based on their net taxable income.

Do Small Businesses pay taxes on their gross revenues or their net income?
As a small business owner who claims small business income on your individual tax return (whether through a sole proprietorship, partnership, or S-corp) you pay individual income taxes only on your net income — or profit — and not on your firm’s gross revenue. Accordingly, when Obama says that he would roll back the Bush tax cuts for all couples earning more than $250,000 a year, these income figures include only net income that a small business owner takes home. Because net income is usually far lower than gross revenue, even if your revenue is above $250,000 you are still likely to get a tax cut under Obama’s tax plan. If you are a small business owner using the tax calculator, you should select your income level based on the net income you claim — your revenues minus your costs — to see how you would fare under each candidate.

 

I believe for definition purposes that it's based on number of employees.

 

Ya just posted so you have that covered so now just jump in with two feet!

 

It may be just me, but I would LOVE to know who those folks are that make over 250k AND are able to do it while on this board all day. I obviously need a new job :jester:

 

Looks like you can handle it from here.

 

No, it's net income.

 

Let me refine the request.

This was a reply. I want to start the conversation with my comments and title.

 

$250 TAKE HOME for a business owner would be great but if they are like anyone I know...

$250 MINUS payroll, office supplies, TAXES = .05 at the end of the year! :banghead:

 

Keech, Just go into the discussion board of your choice and click the blue "New Thread" button to start a new discussion.