Hey guys,
Hope everyone is doing great :cool:
I got a dilemma and was wondering if any of you tax gurus could help me out.
I currently have an SCORP with me being the only employee. I started the SCORP in April and I have been filing my quarterly 941 forms. This includes sending the IRS a check for the quarterly payroll taxes . Since I am the only employee and my company is making around $60,000 I have been paying myself a salary of $30,000 which comes down to around $7,500 a quarter before I remove taxes.
Here is where things get good…. recently, one of my bigger clients has decided to hire me as a full time employee. This means that over 75% of the money that I am making is now going to be paid to me and not my business, and the taxes for this are going to be automatically deducted off every single paycheck. My business still has other clients and it will still be making money, but it will be no where near $60,000. If am lucky I will be able to make $15,000 from the business which will be enough to cover business expenses not including the salary. I can therefore no longer pay myself a salary. Below are my questions…
1) Can I still have my SCORP and not pay myself a salary?
Do I still need to file a 941 even though my new employer will be filing W2s under my name?
Any tips and suggestions are appreciated :)
Hope everyone is doing great :cool:
I got a dilemma and was wondering if any of you tax gurus could help me out.
I currently have an SCORP with me being the only employee. I started the SCORP in April and I have been filing my quarterly 941 forms. This includes sending the IRS a check for the quarterly payroll taxes . Since I am the only employee and my company is making around $60,000 I have been paying myself a salary of $30,000 which comes down to around $7,500 a quarter before I remove taxes.
Here is where things get good…. recently, one of my bigger clients has decided to hire me as a full time employee. This means that over 75% of the money that I am making is now going to be paid to me and not my business, and the taxes for this are going to be automatically deducted off every single paycheck. My business still has other clients and it will still be making money, but it will be no where near $60,000. If am lucky I will be able to make $15,000 from the business which will be enough to cover business expenses not including the salary. I can therefore no longer pay myself a salary. Below are my questions…
1) Can I still have my SCORP and not pay myself a salary?
Do I still need to file a 941 even though my new employer will be filing W2s under my name?
Any tips and suggestions are appreciated :)
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