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Business Structure Selector
Gray cells will be calculated for you. You do not need to enter anything in them.
Planned number of owners
Required protection from personal liability	Low High
Net income for business (also called earnings or net profit)
Owner's share of income
Salary received from business
Owner's other income subject to self-employment tax
Owner's marginal tax rate	35% 33% 28% 25% 15% 10%
State income tax rate on individual income
State income tax rate on business income
	Sole Proprietorship	Partnership	Corporation	S Corporation	Limited Liability Corporation (LLC)
Option available?					Yes
If no, reason option not available
Election to be treated as corporation? (Yes/No)					No Yes
Business tax return required	None	Form 1065	Form 1120	Form 1120S
Protection from personal liability	Low	Low	High	High	High
Estimated Tax Liability Caused by Business
Salary from business
Business income currently taxable to owners			$0
Percent that is self-employment income			0%
Income from business subject to self-employment tax
Business income taxable to business	N/A	N/A		N/A
Individual Tax
FICA tax withheld from salary
Tax on individual tax return:
Federal income tax
Self-employment tax			0
Tax saved on self-employment tax deduction
State income tax
Total individual tax
Business Tax
FICA tax withheld from wages
Tax on business return:
Federal income tax	N/A	N/A		N/A
State income tax	N/A	N/A		N/A
Total tax paid by business
Tax on future year dividend on personal return:
Federal income tax	N/A	N/A		N/A
State income tax	N/A	N/A		N/A
Total tax on individual income
Total tax on business income	$0	$0		$0
Total tax on combined income
Effective tax rate — individual income
Effective tax rate — business income	N/A	N/A		N/A
Effective tax rate — combined income

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