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Hello Sir, Something wrong in the system, couldnt read your

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Hello Sir, Something wrong in...
Hello Sir, Something wrong in the system, couldn't read your answer. I guess this happened because you wanted to answer it through Chat and I can't see it anymore. Resending the question.

I got a job for 3-6 months and I'm accepting it as S-corp on my own name. So let's say for simplicity I'll be getting 100000 per annum.

Approximately how the federal, medicare, social security, state tax will be cut and what will be my take home? How much expense[is there limit?] I can show for my consulting work?

Thanks.
Submitted: 7 years ago.Category: Tax
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Answered in 22 minutes by:
10/2/2010
Tax Professional: William Ellis, CPA, CPA replied 7 years ago
William Ellis, CPA
Category: Tax
Satisfied Customers: 296
Experience: Over 15 years of experience in public accounting
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William Ellis, CPA :

I'm about to leave for a football game. So I may have to answer this in the evening. Have you officially incorporated and elected S-Corp status?

William Ellis, CPA :

If you have and you're looking at a good profit, you are required to draw a "reasonable" salary. This is equivalent to what an employee would earn doing your same tasks.

William Ellis, CPA :

Let's say you claim half--$50,000--as salary. You'll need to pay $7,500 in for self-employment tax before besides having income tax withheld. This means you'll need to sign up for the IRS's EFTPS which allows you to go online to pay your taxes. After this, you'll need to file quarterly payroll tax returns with the IRS, and your state. You'll issue yourself a W-2. But, only your wages will be subject to self-employment tax. Plus, your S-Corp will show about $46,500 in net income--$100 K less $50K wages less 1/2 SE tax.

William Ellis, CPA :

You'll show the net income plus your wages as income on your tax return. Without knowing your other sources of income and what itemized deductions and/or tax credits you can take and how many exemptions you'll claim, I can't accurately tell you what your tax burden looks like. Thanks, Bill

William Ellis, CPA
Category: Tax
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