Ray's $50K salary number works out to a wage of about $25 per hour (assuming 50 weeks at 40 hours/week). Obviously if your business is a side-line to your day job, or only a part-time commitment, or...
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Ray's $50K salary number works out to a wage of...
Ray's $50K salary number works out to a wage of about $25 per hour (assuming 50 weeks at 40 hours/week). Obviously if your business is a side-line to your day job, or only a part-time commitment, or...
What is a "reasonable" wage? Something that is...
What is a "reasonable" wage? Something that is not going to raise IRS suspicions that you are trying to skirt the system. Consider what the going rate is if you had to hire somebody to do the work...
Yes, actual distributions need to be reported on...
Yes, actual distributions need to be reported on a 1099-DIV per the instructions on i1120ssk.pdf
Yes, agree with Ray, you have to pay yourself a...
Yes, agree with Ray, you have to pay yourself a reasonable wage before you take any distributions.
As an S-corp, you just write yourself a check for...
As an S-corp, you just write yourself a check for your "dividend" and you don't need report it anywhere else (unless your state requires you to) -- because you have already reported all of the net...