S-Corp, (Wife & I only), We run payroll as employees (The only employees) of the S-Corp and withheld the full 15.3%. We created and submitted W2's for full amount. How do we capture self-employment tax as an expense? Or do I need to modify W2 to reflect normal 7.65%? We entered our W2's into Turbotax and also created a Schedule K (For both of us) to pass through some minimal income. The business side of "Home & Business" Turbotax is looking for income. We deplete the account on the S-Corp side to show very little Net Income at year end. How should I proceed for most logical and correct. We have not filed S-Corp taxes but did file the W2s. (I can still correct) Also, could I have used Premier Turbotax to further simply? I have used that version many times in the past for typical business income/1099/Home office. --- Thank you in advance for your comments!
