Thank you for contacting me about your Tax issue. I will work hard to help you understand the issue clearly.
The taxes described here are just INCOME and employment related taxes. There is not enough information in your question (nor is it possible) to determine taxes of all types and from all sources, such as sales tax, ad valorem tax, etc.
Revenue - 2000K
COGS and ordinary expenses = 500K + 100K + 500K salaries = 1100K
federal Payroll tax on 500K salaries = 500K * 7.65% = 38,250
Net Income = 2000 - 1100 - 38.25 = 861.75K
This amount passes to owner as profit.
Assuming owner is Single, no dependents, no itemized deductions, she has 100K salary + 861.75K profits for a total of 961.75K income
backing up, there is Florida Corporations tax.
FL tax base is 861.75K minus 25K exemption = 861.25K taxable x 5.5% FL tax
Florida tax is 47,369
So taxable passed to owner is 861.75 - 47.369 = 814,381
Total personal income tax is 298,642
Medicare & SS tax taken out of 100K salary of owner = 7,650
Personal Income = 100K Wages + 814,381 S Corp net profit minus 298,642 income tax minus 7,650 payroll tax = NET CASH
608,089 cash left
Thanks for your answer. Could you clarify on Florida Corporations tax? I thought all S corp profits pass through to the owner and there is no Florida personal income tax.
Could you shoot me a short email with your comment on Florida Corporations tax XXXXX@XXXXXX.XXX? As I say, I believe it shouldn't be applicable to S corp.Thank youAlex