[Riodacat]

Yo Janet. $250k gross on an individual filing as a sub chapter S corp, after he pays contract workers, vehicles, etc, may net under $40k. You tack on another, say $15K in taxes and you will ruin him.

Huh, since when do you pay taxes on gross income. The $250K is obviously net per-tax income.
I can't believe the number of people who are getting this wrong...

[horse_doc]

Huh, since when do you pay taxes on gross income.

Since last year, if you live in Texas.

We have a brand-new income tax on businesses, based on gross sales, not profits.

Last year my S-corp. grossed 500K. It was not a great year for us - we ended up making 10K profit. Governor Perry, the stupidest Republican in the Nation, decided to help himself to 2K of my profit.

This year we will lose about 30K. I will still pay 2K in taxes based on the gross sales of my business.

Obama will cheerfully copy Governot Perry's idiocy, and will ruin the nation.

[Old Professer]

Probably because the Obama camp hasn’t made it clear.