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Q: LLC formation in CA ( No Answer,   0 Comments )
Question  
Subject: LLC formation in CA
Category: Business and Money > Small Businesses
Asked by: dkla-ga
List Price: $7.50
Posted: 03 Jun 2004 01:10 PDT
Expires: 03 Jun 2004 10:12 PDT
Question ID: 355763
My husband and I formed an LLC in CA in April.  We are consultants
in New Media and retail.  I have 2 questions.

1) I read in another Google Answer that California will tax us on our
gross revenue not on our net.  Is this true?  Example, If we earn $50K
this year and we spend $35K on legitimately federally deductable
expenses to earn the $50K, will we be taxed on $50K or on $15K?

2) How do we as the exclusive owner-members of our LLC who are married filing
jointly draw income out of the business?  I had beleived we did not
have to pay ourselves thru payroll and pay payroll taxes monthly but
now I am confused.
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