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Revision as of 04:40, 7 August 2026

Many small individuals start with a sole proprietorship keep clear of the costs of forming a corporation or LLC. This is often a wise decision as statistics show that many small businesses throw money away for the first several years.

I was paid $78,064, which I am taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) in a 401k, making my federal income taxable earnings $64,744.

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