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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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