Business Q&A: Business tax question: Do I pay taxes for work done for an overseas company?

Business Tax

business tax question by Capt Kirk: Business tax question: Do I pay taxes for work done for an overseas company?
I’m a one-person consulting company in the US. I performed consulting work for a company in Germany, all done remotely. They direct deposited to my business bank account in the US once the work was completed. Do I pay federal taxes on that income? I assume yes, but is it treated any different from if that company was in the US?

Also, how in the heck do I figure out the amount of federal tax on my income? The FICA, etc., etc.? I have the IRS booklet on it, but I can’t figure it out. Thank you!
Also, how in the heck do I figure out the amount of federal tax on my income? The FICA, etc., etc.? I have the IRS booklet on it, but I can’t figure it out.

I should clarify that I’m talking about taxes for an S-type corporation, not individual.

business tax best answer:

Answer by Nusha
Yes you pay tax on income “from whatever source derived”.
Use Sch C.

Get some help. You have a lot of deduction you can take againsst the income and reduce your self-employment taxes.

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