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S corp Question

Hello, If I have a S corp, and I am the only owner and employee. I have been giving my self a salary of 3000 monthly from the start of 2018. I just have been writing a check from the business operating accounting with no FICA, FUTA, SUTA taken out, as an employee or even employer Do I need to fill out a w2 for my self? or a 1099MISC But also can I fill out a 944 at the end of the year? What do I do, and how do i go about it? Thank you

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By Miles
Jul 18th 2018 17:59

Salary is salary and requires a W-2. You need to be filling out all applicable payroll reports even if you pay yourself a salary once a year.

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Sep 17th 2018 21:38

Hello -

Income and losses for an S corp pass through to the owner's personal tax return.

The S corp will file Form 1120S to report its tax items to the IRS. The corporation does not pay income taxes but will issue a K-1 to its owners. The K-1 information is then used by the shareholder in preparing his or her personal tax return. Basically, you will personally pay the taxes on the company's profits, whether you distributed all the profit to yourself or not.

No need to issue a W2 or 1099 to yourself.

Please let me know if I can be of further assistance.

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Sep 19th 2018 17:38

Hello! Just reaching out to see if the information was helpful and if you have any additional questions?

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