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(Not a tax professional) The federal corporate tax rate is 21% and for states it ranges from 0 to about 9%. So generally you're going to pay at least 21% or $1
by aqme28 1y ago
(Not a tax professional)
The federal corporate tax rate is 21% and for states it ranges from 0 to about 9%.
So generally you're going to pay at least 21% or $170k for those "profits."
- rbultje 1y agoLLCs pay 37%, not 21%. Plus state plus local. This can reach 50% in high-tax areas like CA or NY.