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Business & farm
not only do you report a salary on the S-Corp return but you are also responsible for filing with the Social Security Adm forms w-2 and w-3. With the IRS. quarterly 941's where you report your wages, withholding and payroll taxes(FICA and Medicare, form 940 at year-end where you report the portion of your wages taxable for federal UC purposes, most states also require quarterly filing on state withholding forms, if your state has an income tax, and quarterly unemployment compensation returns
if you have not done this, seek out a tax pro. there could be significant penalties for failure to file and failure to timely pay in taxes.
‎April 11, 2022
1:36 PM