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How can I pay my tax on "Compensation of officers" on my C-Corp which I've received?
I'm filing my personal tax after I've filed Form 1120 last week with a 25% loss and I've put my salary on line 12 (Compensation of officers). The C-corporation did not have any employee and did not set up the payroll system due to covid. The business was run in struggle by myself and I felt getting salary paid (less that 10%) was reasonable and made more sense than zero. Upon searching for an answer I realized that "Compensation of officers" would be a red flag for avoiding social security tax through payroll system. What should I do? Can I still amend the 1120 return?
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March 1, 2021
8:30 PM