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The Guide of drawing up Form 940 For 2010: Employer'S Annual Federal Unemployment (Futa Online
If you are curious about Fill and create a Form 940 For 2010: Employer'S Annual Federal Unemployment (Futa, here are the easy guide you need to follow:
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How to Edit and Download Form 940 For 2010: Employer'S Annual Federal Unemployment (Futa on Windows
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A Guide of Editing Form 940 For 2010: Employer'S Annual Federal Unemployment (Futa on Mac
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A Guide of Editing Form 940 For 2010: Employer'S Annual Federal Unemployment (Futa on G Suite
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PDF Editor FAQ
How do I set up my LLC to be taxed as an S-Corp to avoid self-employment tax on the full profits?
How do I set up my LLC to be taxed as an S-Corp to avoid self-employment tax on the full profits?By filing an IRS Form 8832 - Entity Classification Election to elect to be taxed as a corporation and a IRS Form 2553 - Election by a Small Business Corporation you will be able to file as an S-Corporation. There will be no self employment tax assessed against the income of the LLC profit reported on your IRS Form 1040 U.S. Individual Income Tax Return.However you will have to take compensation from the LLC that will be reported on Form W-2 - Wage and Tax Statement. Full employment taxes (FICA and Medicare will have to be withheld and deposited along with Federal Unemployment tax reported on from IRS Form 940 - Employer's Annual Federal Unemployment (FUTA) Tax Return.The LLC being taxed as an S-Corporation can distributes assets you as the shareholder/member.This is part of Section 1368 regulations. There are several provisions but the normal choice is to distribute part of the earning (not capital) as dividends. These are taxed as ordinary income for Federal Income Tax purposes.Distributions made to S corp shareholders are not subject to Medicare and Social Security taxes (FICA). For this reason, shareholders typically prefer dividends rather than compensation payments (Form W-2), which are taxable. Shareholders/members who perform services for the corporation have to be paid reasonable compensation to prevent avoiding payroll taxes.J. Russell George, Inspector General for Tax Administration, testified to the Senate finance Committee that “In Tax Year 2000, the owners of 36,000 single-shareholder S corporations received no salaries at all from their corporations, even though the operating profits of each of these corporations exceeded $100,000.00. This resulted in employment taxes not being paid on $13.2 billion in profits.”If the IRS feels that an employee/shareholder has taken too little wages and too much distributions the IRS will “recharacterize” the distributions as wages and require payment of the employment taxes plus penalties that can equal 100% of the taxes then due.A horror story from my new book - BEWARE:A CPA who incorporated his accounting practice as an S Corporation took a salary of $24,000.00 and distributions of $220,000.00. The IRS said that his salary was not reasonable compensation and that $175,000.00.00 of the distributions should be treated as wages subject to employment taxes and assessed almost $50,000.00 of taxes plus penalties. The court upheld the IRS’s power to recharacterize the distributions as wages subject to employment tax. (Watson v. United States, (DC IA 05/27/2010) 105 AFTR 2d.Professional Tip:In my years of tax practice, my firm used a rule of thumb that distributions should never exceed wages for an employee/shareholder. We never had a problem with “Reasonable Compensation” in any audit.
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