Lets say you make 10,000 in revenue and you spent 5k in expenses than your taxed 3k for the year. For example ets say your tax bracket is 30%.
How does this tie in with each other and what is considered taxable income ? Can someone help me get a rough idea of how this works ?
My understanding is 10k(income) - 5k(expenses) = 5k (taxable income)
So i assume 5k gets taxed at a rate of 30%.
Bookmarks