- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
C corporations are entirely separate and distinct taxable entities; they pay income tax on their taxable income, regardless of how that net income is utilized.
If the C corporation pays you a salary of $10,000, the corporation's taxable income would be reduced by that amount and it would issue a W-2 at the end of its tax year which, in turn, you would report on your individual income tax return (1040).
‎June 4, 2023
1:43 PM