Today TaxMama hears from Steven in Connecticut who says. “Are the salaried employees liable to pay the taxes or does the company pay? Any info on S-Corp and tax payouts would be deeply appreciated.
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Dear Steven,
Sorry, I just don’t understand the question.
Are the salaried employees liable to pay which taxes?
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Their own withholding? Sure.
Their own personal income taxes? Absolutely!
The employer’s share of the taxes? No – the employer pays that.
If the salaried employees happen to be the shareholders of the s corporation and they don’t pay in the employer’s taxes, they will be held personally liable.
As to information about s corps?
IRS doesn’t provide much useful information at all.
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There is very little in the corporation publication that specifically relates to s corps – IRS Publication 542 https://www.irs.gov/publications/p542/
You can pick up a copy of CCH’s web-based course on s corporations for about $48. It’s probably an excellent course for tax professionals.
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Or you can pick up a copy of Small Business Taxes Made Easy which will provide more practical information about your overall business for under $12.
https://www.taxmama.com/AskTaxMama/book/
And remember, you can find answers to all kinds of questions about s corporations and other tax issues, free. Where? Where else? At TaxMama.com
[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the subscribe link and join us.]- Ask TaxMama :: Where taxes are fun and answers are free
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- IRS Publication 542 :: Corporations
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