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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?


To: longnshort who wrote (370004)2/5/2008 4:54:51 PM
From: Joe NYC  Read Replies (1) | Respond to of 1572711
 
longshort,

he should have been an "s" corp...

Joe



To: longnshort who wrote (370004)2/5/2008 6:43:07 PM
From: Road Walker  Read Replies (1) | Respond to of 1572711
 
A friend of mine had a 'c' corp and made 300k profit. Tried to take it in salary. The IRS said no the going rate was 65k so he had to pay 35% on the 235k and personal income tax on that. So he was taxed about 80% on that money.

Strange math there but tell him to spend $5K on a decent accountant.