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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Taxes Percentages and
Expert: John Kirk, CPA
Date: 9/3/2008
Subject: Taxes Percentages and
Question
Hi John
I own a small business in VA. It's an LLC and taxed as sole proprietor. It's been opened for about 3 months and the time comes now to declare income tax. I am confused with the percentages and state/county/IRS tax. Should I pay each of them? or the IRS collects only? Do you know the percentages? Thank you/
Please advice
Laura
Answer
You are required to file income taxes reflecting the income of the LLC to both the Federal Government and the State of Virginia.
The percentage paid for income tax is based on a graduated tax table, so the percentage changes as the amount of income increases.
Whether you pay county and local tax is based on your local laws, which we cannot advise you on.
You are also subject to federal self employment taxes.
John Kirk, CPA
www.johnkirkcpa.com
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