All Questions
Tagged with self-employment s-corporation
13
questions
0
votes
1
answer
240
views
Setting up S-Corp for Independent Software Developer
I have been working on a w2 most of my career and recently got the opportunity to work as an independent software developer for a firm on a 1099. I was thinking of setting up an S-corp as I think ...
1
vote
2
answers
166
views
LLC vs S-CORP for Side Business along with regular job
Situation:
A person has a good-paying job where the Social Security tax limit is reached or almost reached every year, and the person also has a side business (LLC) that brings in more than 100k every ...
- 111
7
votes
2
answers
804
views
Adult Entertainment Taxes; Independent Contractor, SMLLC, LLC, S-corp, etc?
I've been dancing for a few years. I've been filing taxes as an independent contractor. I do not receive any 1099s. All my earnings are cash, received that day. I pay a house fee (rent for being ...
- 71
2
votes
1
answer
435
views
Can an S-Corp pay the sole owner/employee with a 1099?
Suppose a person has a one-person S Corporation, and the corporation is paying the owner/sole employee with a 1099. The owner then pays Self-Employment tax on a Schedule C when filing. Is this ...
- 23
0
votes
0
answers
58
views
Taking back your capital from your S-corporation
If I put 100k of my own money into my business, and now my business made 150k, can I take out my 100k without it being taxable? If so, how would that be inputted onto the k-1?
1
vote
0
answers
63
views
Does S-Corp owned 100% by single-member LLC re-create SE tax?
LLCs with an S-Corp's election eliminate SE Tax. If that S-Corp is owned by a single-member LLC which should be seen as a disregarded entity, would that flow through money have SE tax again?
The ...
- 20.2k
1
vote
0
answers
35
views
When having an LLC taxed as an S Corp, what difference does it make to retain a profit since it is a pass-through entity? [duplicate]
Suppose I have an LLC and for simplicity's sake I'm the only member and I choose to be taxed as an S Corp. I fill out a W2, becoming an employee-owner of the LLC and I pay myself 50% of the LLC's ...
- 132
2
votes
3
answers
449
views
LLC-SCorp to self - actually, does the corp pay payroll taxes?
In the USA. Here are the two common scenarios for the self-employed:
A. Joe makes 100,000 over the year. It's paid to him as 1099 payments from his various clients. Joe pays the many taxes on that.
...
- 13.8k
80
votes
4
answers
14k
views
The USA "self-employment tax dodge" mystery
For non-US readers:
In the US, for those who are self-employed, there are many specific taxes. One particular tax is the confusingly named "The Self-Employment Tax".
Thus, if you are self-employed, ...
- 13.8k
1
vote
0
answers
448
views
Which form to use, 1040 ES or 941, for one member S corp quarterly tax?
I am a contractor, and want to form an LLC and select being treated as S corp (by 2553 form).
I read online about federal quarterly payroll tax using form 1040 ES, but this article suggested to use ...
- 111
8
votes
1
answer
1k
views
Can I turn myself into a pass-through corporation in order to save money on income tax?
Given the pending changes in the tax code, I'm wondering if I could legally structure myself as a pass-through corporation in order to decrease my income tax bill. How would I go about doing this? How ...
- 251
4
votes
2
answers
5k
views
Formation of S-Corp for Gambling Trade
Does anyone have personal experience with incorporating an S-Corporation for the gambling trade?
In cases where the gambling activity is consistent and produces sufficient income (versus, say, an ...
- 119
3
votes
1
answer
113
views
California S Corp Net Income and Employee Compensation
I was looking into S-Corp structures. In California, S-Corps are taxed at a 1.5% rate on their net income. What I couldn't figure out is if this 1.5% rate applies to the income of the S-Corp after ...
- 6,608