Thank you so much Rick19744 for this insightful comment! I will call the board. I have three more questions:
1. Say I expect to owe more than $800 in taxes, how are these paid - say I have to pay $1800, thus $1000 beyond the $800. Do I then pay $300+$800 in April, $400 in July, $0 in October, and $300 in January? Or are the $1800 as a whole distributed into the 30/40/0/30% portions?
2. I actually went and tried to see what happens if I pay as a corporation at this link - if I select Corporation it asks me for a 7 digit number, which I don't have. Only if I choose LLC, I can enter my 12 digit entity number. <a rel="nofollow" target="_blank" href="
https://webapp.ftb.ca.gov/WebPay/belogin.aspx?Submit=Use+Web+Pay&WT.si_n=WPBT&WT.si_x=2">https://web...>
3. How is net income defined for state taxes in an S corporation? I am assuming it is roughly revenue minus expenses, and these expenses include my salary (I am the only employee), therefore the net income is whatever the profit is and wasn't paid to me. How about taking out distributions?
Thanks so much - I am aware that I would rather ask an accountant, but the last one gave me the advice that led to this dilemma, so I am very thankful for your answers until I find the right person. Thank you!!
