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If I have a W2 from an employer and a W2 from an S-Corp I am partners in, does the S-Corp need to pay SSN tax once I hit the max?
I am curious because if I was issued a 1099 from the s-corp, I would owe self employment tax up until I hit the max and then I would only owe the medicare. This extra 6.2% that my company would have to pay if I were on a W2 doesn't seem to make sense.
June 5, 2019
11:20 PM
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Business & farm
Sorry but the S-corp must continue to pay the SS taxes until you hit the SS limit for that business ... only the individual gets the excess SS refunded on their personal return ... but the business doesn't get that tax break as much as it would make sense your way.
June 5, 2019
11:20 PM