Hi everyone
I am looking for some advice for starting a corporation in Texas. I have no idea how most of the US company and tax system works so I am looking for a heap of advice if possible.
I am moving from Australia to the USA in January. Currently I am a self employed contractor who takes a wage out of my company here in Australia. I need to set-up the same kind of structure here in the USA for when I arrive here in January.
The Structure I have at the moment is as following.
Pty Ltd Company with Company name
I take a regular Full time wage from my company
My Wife takes a regular part time wages from the company (She does all the books, accounting stuff and replies to emails contracts etc, as I work away offshore for extended periods of time)
How the Tax System and Company Structure works in Australia is as following
Company takes in money in form of invoices, lets say for a financial year we take in $100 000 in invoices
We have wages and expenses come out, lets assume we have $70 000 in wages (including tax) and $20 000 in expenses for the year, this totals up to $90 000
there for the company is left with $10 000 profit for the year. The company pays 28% tax on all profits for the year. (This is the Australian Corporate Tax Rate)
Now when it comes to our wages I have to explain how the tax system works here. Using round numbers for an example, say on a month my wage is $10 000, and I pay tax of 30% so, $3000 goes to the tax man and $7000 goes to me. On top of that we pay a thing called superannuation which is sort of equivalent to national insurance. At the moment it is at 9.5% of your gross income, the company must pay this. So even though i have taken $10 000 out of the company as wages, i need to also take $950 out of the company and put it in superannuation for the "employee" being me. (this is also the same for my wife)
I think this works the same way sort of like national insurance of 6.2% in the US, but instead of company paying it all, company in the USA pays 6.2% and 6.2% comes out of your personal income, can you correct me if I am wrong.
At the end of the day I want to set it up the same way i do it in Australia. Company that employs 2 employees. Employees take separate wages etc. At the end of the year we do tax returns for both employees and then the company need to do a tax return.
Would an LLC be the right structure or an S-CORP?
Seams to me an S-CORP is the way to go, but all the information is hard to follow being a foreign person from the USA.
Can someone please help me out here and nudge me in the right direction?
Cheers
I am looking for some advice for starting a corporation in Texas. I have no idea how most of the US company and tax system works so I am looking for a heap of advice if possible.
I am moving from Australia to the USA in January. Currently I am a self employed contractor who takes a wage out of my company here in Australia. I need to set-up the same kind of structure here in the USA for when I arrive here in January.
The Structure I have at the moment is as following.
Pty Ltd Company with Company name
I take a regular Full time wage from my company
My Wife takes a regular part time wages from the company (She does all the books, accounting stuff and replies to emails contracts etc, as I work away offshore for extended periods of time)
How the Tax System and Company Structure works in Australia is as following
Company takes in money in form of invoices, lets say for a financial year we take in $100 000 in invoices
We have wages and expenses come out, lets assume we have $70 000 in wages (including tax) and $20 000 in expenses for the year, this totals up to $90 000
there for the company is left with $10 000 profit for the year. The company pays 28% tax on all profits for the year. (This is the Australian Corporate Tax Rate)
Now when it comes to our wages I have to explain how the tax system works here. Using round numbers for an example, say on a month my wage is $10 000, and I pay tax of 30% so, $3000 goes to the tax man and $7000 goes to me. On top of that we pay a thing called superannuation which is sort of equivalent to national insurance. At the moment it is at 9.5% of your gross income, the company must pay this. So even though i have taken $10 000 out of the company as wages, i need to also take $950 out of the company and put it in superannuation for the "employee" being me. (this is also the same for my wife)
I think this works the same way sort of like national insurance of 6.2% in the US, but instead of company paying it all, company in the USA pays 6.2% and 6.2% comes out of your personal income, can you correct me if I am wrong.
At the end of the day I want to set it up the same way i do it in Australia. Company that employs 2 employees. Employees take separate wages etc. At the end of the year we do tax returns for both employees and then the company need to do a tax return.
Would an LLC be the right structure or an S-CORP?
Seams to me an S-CORP is the way to go, but all the information is hard to follow being a foreign person from the USA.
Can someone please help me out here and nudge me in the right direction?
Cheers
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