Dependable
Level 4
07-09-2020
01:58 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
On a 100% owned Sub S how to you report income to make it self employment income/
Labels
rbynaker
Level 13
07-09-2020
02:03 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You don't. S Corp income is not subject to SE tax.
Dependable
Level 4
07-09-2020
02:16 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you
abctax55
Level 15
07-09-2020
02:21 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The "self employment" tax is effectively paid by issuing that W-2 for the reasonable compensation provided.
There *was* a W-2 issued, right?
HumanKind... Be Both
sjrcpa
Level 15
07-09-2020
02:22 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Shareholders working in the business receive W-2 wages. That's how they pay their Social Security and Medicare taxes.
The more I know the more I don’t know.
abctax55
Level 15
07-09-2020
02:23 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Dependable
Level 4
07-09-2020
03:58 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Of course. Thank you
Dependable
Level 4
07-09-2020
03:59 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you
sjrcpa
Level 15
07-09-2020
04:56 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Barely. 😀
The more I know the more I don’t know.