You may also adopt an operating agreement. A single member of the LLC or an unlimited number of members may set up a Minnesota LLC. Members of a Minnesota LLC may include individuals, corporations, other LLCs, foreign entities or partnerships.
Different rates apply for these taxes. The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
So combining the federal tax of $2,573, the Social Security/ Medicare of $4,590 and the local and state taxes of $5,400 you would have a total tax bill of $12,563 or 20.9% of income. The typical total tax rate for a family of 4 making $60,000 is about 21%.However given the broad range of tax rates for different state and local governments the rate will vary significantly. With a federal bill of $7,193 and state / local rates from 5% to 13% you are looking at a range of $10,193 to $14,993.otal tax rate for a 'typical' family. I've seen some people overstate their tax bill. People are frequently confused between their top marginal rate and their overall tax burden. If you are in the 25% tax bracket that does NOT mean that 25% of your income goes to the IRS.