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LLC taxed as an scorp, what taxes do I pay?
Being an LLC taxed as an S corp and being an employee within your company, do you pay any other taxes besides both sides of the payroll taxes? Do you have to pay any taxes on the money left in the business account? So for example, if your company makes 100K and you pay yourself 40K in salary.... are you only paying taxes on the 40K (taxes coming out of paycheck and paying the other half that the business has to pay)? Do you have to pay any taxes on money left in the business account or any of the money taken out of the business account as a draw to pay personal expenses?


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LLC taxed as an scorp, what taxes do I pay?
Quick answer: Your S-Corporation pays it's share of employment taxes and you pay your share of employment taxes on your wages.
You pay income tax on your salary plus the remainder of the S-Corporation's income for the year.
Better answer: It's easy to get in trouble with an S-Corporation and difficult to go back and fix it. At least for the first year, you might want to consult with a local tax professional on taxes you owe.
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LLC taxed as an scorp, what taxes do I pay?
Quick answer: Your S-Corporation pays it's share of employment taxes and you pay your share of employment taxes on your wages.
You pay income tax on your salary plus the remainder of the S-Corporation's income for the year.
Better answer: It's easy to get in trouble with an S-Corporation and difficult to go back and fix it. At least for the first year, you might want to consult with a local tax professional on taxes you owe.
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LLC taxed as an scorp, what taxes do I pay?
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LLC taxed as an scorp, what taxes do I pay?
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LLC taxed as an scorp, what taxes do I pay?
So basically you pay your taxes out of your bi- weekly or monthly pay checks and the s corp pays the other half.
If you're referring to employment taxes (FICA and Medicare), then yes. The corporation also would hold federal withholding, an advance payment of income taxes.
Then would you pay estimated quarterly taxes on the S corps income for the year?
Yes, but again this is an advance payment like wage withholding.
Yes - and when the year is over you file your personal income tax return to determine if the advance payments were too much (you get a refund) or not enough (you owe the balance.)
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