How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RD Your Own Question
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
Type Your Tax Question Here...
RD is online now
A new question is answered every 9 seconds

Accountant/Payroll vs. Bonus Florida Corp C I did not take

Resolved Question:

Accountant/Payroll vs. Bonus Florida Corp C
I did not take salary for the years of 2007 and 2008
I have decided to just close my company
I started to pay myself in 2009 $3,000 bi-weekly, single claiming 1
How much am I taxed on a bonus of this size?
Would it be more feasible to take a bonus of $26,000 or just remove it from salary owed.
Payroll Taxes for Each $3,000 Bi-weekly check is as follows:
Federal $537.12
SS $186.00
Med $43.50
Total $766.62
Submitted: 7 years ago.
Category: Tax
Expert:  RD replied 7 years ago.
Your payroll- whether you take it as bonus or wages- will be taxed based on your total income, the other itemized deductions, filing status and personal exemption claimed.

Since you should normally take a reasonable compensation from the corporation, it is advisable to take such amount as compensation even if you plan to close the corporation for the year.

RD and 2 other Tax Specialists are ready to help you

Related Tax Questions