Re: Anyone ever heard of this book or program

Subject: Re: Anyone ever heard of this book or program
From: Janet Murphy <janet -at- fuse -dot- net>
To: "TECHWR-L" <techwr-l -at- lists -dot- raycomm -dot- com>
Date: Thu, 14 Nov 2002 10:34:57 -0500


Many small business access that extra money through the purchase of
business-related equipment, lunches/entertainment, payment of mileage, parking
reimbursement, leases on cars, annual bonuses, etc.. There can be tax
implications. That's what the accountant figures out.

janet

Russ Seligman wrote:

> >-- Payroll tax savings. If you net $80k of self-employment income, you
> > pay payroll taxes (SS/Medicare) of 14.3% on all of it -- over
> > $11k. If your corporation nets $80k, it can pay you, say, $50k
> > salary; the remaining $30k is profit to the stockholders -- that's
> > you. But you don't pay payroll taxes on the profit distribution,
> > only on the salary. So you save 14.3% of $30k -- over $4k.
>
> Interesting. However, at some point you'd want access to that $30k,
> right? So if you don't get it in salary, how else would you distribute
> it? And wouldn't there be other tax consequences then?
>
> --Russ



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References:
RE: Anyone ever heard of this book or program: From: Russ Seligman

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