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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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I have an accounting question

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I have an accounting question
Hi and welcome to JustAnswer:

We'd like to help, what is your question?
Customer: replied 3 years ago.

Oops sorry, I didn't know you had responded. I'm trying to estimate taxes my company will have to pay as an SCorp.


Revenue : $ 68,000

Salary for me: $ 12,000

Expenses: $ 23,000


No 401K ...


I guess the rest would be shareholder/dividend distribution.


How much taxes would I owe?

Hi Lynn -

As an S Corp, your company will not pay taxes. The company will file a Form 1120-S and you will be issued a Schedule K-1 showing the income from the company ($33K). Your personal return will include your wages of $12K and you allocated S corp income of $33K.
Customer: replied 3 years ago.

Then, if i have an additional salary of $ 102,000, then how much taxes would I owe all together.


I have no dependents, house deductions, or any other similar deductions.


Please include VA taxes (rough estimate).

Hi Lynn - Your projected tax liability is approximately $23,600 federal and $7,700 for VA. These amounts will be reduced by the amounts of withholding from your W-2s
MequonCPA and other Tax Specialists are ready to help you