Corporate taxation question for Mr. Hyre - Posted by Michael A. Bardelli
Posted by Michael A. Bardelli on March 13, 2002 at 16:33:16:
I currently trying to decided between an S corporation or a c corporation. My question is: (using the assumed numbers below)
After expense profit: 10,000$
With an S corporation, with its pass through taxation, can I take the above mentioned money as salary and pay no additional taxes since it passes through to my personal tax return anyway or are there additional taxes that I must pay (FICA, etc.) I am only asking at the federal level as I am aware of the state taxes charged. Thank you for your response.
Michael A. Bardelli