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Biden's non payment of taxes.......

#4
(This post was last modified: 09-28-2020, 11:53 PM by mikesez.)

If you operate an S Corp you are supposed to pay yourself a salary and also take profits.
Your salary gets the full ordinary income tax plus both sides of payroll taxes.
Your profit gets income tax capped at 25% and no payroll tax.
The rule of thumb is you'll avoid the auditor so long as you keep the two roughly equal, up until your salary would be one of the top ones in the community for the type of work you do. At that point you can cap your salary and declare the rest of your earnings as profit.
I'd prefer a system that treats all income the same, but this is the system we've got.
My fellow southpaw Mark Brunell will probably always be my favorite Jaguar.
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Messages In This Thread
RE: Biden's non payment of taxes....... - by mikesez - 09-28-2020, 11:52 PM
RE: Biden's non payment of taxes....... - by Jags - 09-29-2020, 07:08 PM
RE: Biden's non payment of taxes....... - by Jags - 09-30-2020, 07:09 PM
RE: Biden's non payment of taxes....... - by Jags - 09-30-2020, 07:20 PM



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