I am a relatively new small business owner and I would like to pay out a distribution to myself from last years profits. I already pay myself a reasonable salary, so I assume this is ok. I handle the payroll, but not quite sure how to handle a distribution, as it will be my first time.
How do I calculate how much tax I should withhold from the distribution amount? Do I calculate it based on my gross income for the year, including the distribution?
Do I need to add this info to my 941 form for the quarter?
When paying the taxes via EFTPS, the system asks for a form number; what do I input for a distribution?
How do I calculate how much tax I should withhold from the distribution amount? Do I calculate it based on my gross income for the year, including the distribution?
Do I need to add this info to my 941 form for the quarter?
When paying the taxes via EFTPS, the system asks for a form number; what do I input for a distribution?
via Small-Business-Forum.net http://www.small-business-forum.net/accounting-taxes/10548-s-corp-distribution-taxes.html
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