October 2020

  You likely formed an S corporation to save on self-employment taxes.   If so, is your S corporation salary   nonexistent? too low? too high? just right?   Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will...

If you have employees, you must withhold their 6.2 percent share of the Social Security tax from their wages up to an annual wage ceiling ($137,700 for 2020). You must pay the money to the IRS along with your matching 6.2 percent employer share of...