Ask a Social Security Question, Get an Answer ASAP!
I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.
How are you today?
As an S Corp owner, you are required to take a "reasonable salary" for your work with the company. So, the answer to your question is, Yes you are required to process your own payroll.
If your company is operating at a loss, you still have to pay yourself a reasonable salary...but that salary is deducted from the business losses so in effect you are only paying your payroll taxes.
Is there anything else I can assist you with today? If not, please rate as "excellent" so that I may receive credit for assisting you today.
I need some more information on the salary and dividend distribution for an S-corp NJ. would you explain me being 100% owner of an S-corp, how should i calculate my salary and how will i calculate the profit generated. What is the process of paying off profit to myself? Please advise.
If i take a loan from my sister just to have better cash flow and keep it in my business checking account, do i need to pay any kind of tax on that. I may repay the loan to her in next 6-8 months. Please advise.