This my first year as an S-Corp after converting from an LLC. I'm the sole owner. I paid myself a wage at the end of December, and have a W2 for that.
I didn't actually take the money out of the business bank account yet for my net pay, but I think I can roll that up into my basis.
The employee taxes that were withheld and the employer taxes did not actually come out of the bank account until 2025. The gross amount on the W2 is $20K.
On line 7 of the 1120S, would I enter $20K or would I only enter the net pay since taxes didn't leave until 2025?
On line 12, would I enter 0 since nothing left the bank account until 2025?
