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Payroll taxes are 15.3% with no deductions. 0-10% on federal sounds about right, but that is not really an accurate picture for what taxes would do to his cashflow.

I agree that it is not morally OK to not report income.




Here's TurboTax's tax forecaster, which will do all the work, including the self-employment (payroll) tax: http://turbotax.intuit.com/tax-tools/calculators/taxcaster/

I put in my own numbers for a complicated personal return (business income, capital gains, itemized deductions, etc) and the forecaster agreed with my actual taxes done by a CPA, so it's not making any guesses.

Put in married, $45k in business income, 4 kids. The total federal tax bill comes out to $3700 or 8%. Most of the tax bill was offset by the large EIC for having kids. In reality he'd have many deductions to lower that even further, from business use of a home, to any health insurance he buys, to part of his car expenses and mileage...


If the guy has $45k in business income, then he owes $6885 of payroll taxes (unless he is Amish). I don't care what tool you use, that number is the absolute floor for what he would have to pay out of pocket.


Sorry, but you don't know what you're talking about.

Pull out your 2011 form 1040: http://www.irs.gov/pub/irs-pdf/f1040.pdf

* 56: Self-employment tax. Attach Schedule SE.

* 61: Add lines 55 through 60. This is your total tax.

* 62-72: Credits and payments, including the Earned Income Credit.

* 76: AMOUNT YOU OWE: Subtract line 72 (total credits) from line 61 (total tax).

That's where his $6.3k SE bill gets nearly wiped out by $5.5k in earned income credit.

Credits, unlike deductions, are subtracted dollar for dollar from total tax owed. If he files jointly with a spouse, it can actually reduce their tax bill to $0 on that income. There's no category of taxes that can't be reduced by EIC, including SE (payroll) tax.


But he gets those credits whether or not he reports his profit. On a cashflow basis, it will cost him 20%. You are right though, his tax bill at the end of the year would be about 8% of $45k.


That's not true - the EIC goes up when you make more (up till a limit).




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