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re: Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax

Posted on 9/28/20 at 11:34 am to
Posted by jclem11
Neoliberal Shill
Member since Nov 2011
7959 posts
Posted on 9/28/20 at 11:34 am to
You have to pay yourself a "reasonable salary" as the officer of an S Corp.

You don't get to avoid the payroll taxes but rather control the payroll taxes as you would normally pay self-employment taxes (ie both halves of the payroll tax) on the net income of the business.

Final meme: if you don't like the outcomes change the system; don't get mad at individuals for using the system in place to their advantage.
Posted by the808bass
The Lou
Member since Oct 2012
111802 posts
Posted on 9/28/20 at 11:46 am to
quote:

if you don't like the outcomes change the system; don't get mad at individuals for using the system in place to their advantage.


Right. Just like Trump.
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