Re: As long as we're talking gross income before taxes...
That's about it. State taxes also get you and the biggest hurt is workers comp. at 17% of wages. When you have a good year the new estimated taxes you have to pay quarterly hurts big time and if you don't have the same gross sales the money goes fast. Right now I'm down to one full time employee from six and still made a little over 250K when combined with my wife's salary but my salary with my company dropped to less than half and I am at the point, is it worth it. I am doing side jobs in a different field now and will take a new contractor's license test in a few weeks thus probably phasing out my company unless things pick up considerably.