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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Accountant/Payroll vs. Bonus Florida Corp C I did not take

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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.

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