Comment by aqme28
(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."
(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."
LLCs pay 37%, not 21%. Plus state plus local. This can reach 50% in high-tax areas like CA or NY.