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Self employment versus Scorp
| ,.,,,. | 09/16/24 |
| Hollywood Hogan | 09/16/24 |
| dead link clicker | 09/16/24 |
| ,.,,,. | 09/16/24 |
| Hollywood Hogan | 09/16/24 |
| ,.,,,. | 09/16/24 |
| ,.,,,. | 09/16/24 |
| ,.,,,. | 09/16/24 |
Poast new message in this thread
Date: September 16th, 2024 1:40 PM Author: ,.,,,. https://obliviousinvestor.com/solo-401k-contribution-calculator/
I can do 401k 20% of 1099 income either way. But if self-employed and I also have a w2 job, I pay about 2.4% total fica tax. If scorp I pay 2.4%+6.2%ssn tax. The only benefit of scorp is if you add fake employees like wife, kids,etc. But if u do that might as well go more sophisticated abd buy real estate in dubai and not report it. |
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Date: September 16th, 2024 2:19 PM Author: Hollywood Hogan Are you saying you have a seperate W2 job that completely maxes your SS taxes?
Fake employees are not a benefit of an s corp because your fake employees will be paying real payroll and income taxes on their fake salaries.
Deducting expenses that some people *might* say are personal in nature is much easier than an s corp, and an s corp has a much lower audit rate than a schedule c with a lot of deductions. |
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Date: September 16th, 2024 2:37 PM Author: dead link clicker "Deducting expenses that some people *might* say are personal in nature is much easier than an s corp, and an s corp has a much lower audit rate than a schedule c with a lot of deductions."
This is cr. The rest of op is gibberish, no response. |
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Date: September 16th, 2024 4:01 PM Author: ,.,,,. So if I use home office, computers, accounting, re mortgage broker expenses that gets me audited on self-employed but ok if scorp? I'm not going to deduct my trips to Europe whether scorp or selfemployed. (http://www.autoadmit.com/thread.php?thread_id=5595758&forum_id=2Elisa#48095428) |
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Date: September 16th, 2024 7:36 PM Author: Hollywood Hogan yes, the home office deduction is MUCH more likely to trigger an audit for self-employed than s corp. the s corp doesn't even take it as the "home office deduction" (http://www.autoadmit.com/thread.php?thread_id=5595758&forum_id=2Elisa#48096389) |
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Date: September 16th, 2024 3:59 PM Author: ,.,,,. Yes my w2 is the primary job where I max ss and 1099 is only a sidejob. So you're saying the only benefit of scorp is lower rate of audit when I make expenses such as buying computers and paying accountant,etc versus just doing the same thing without incorporating? But at the same time scorp pays 6% higher self-employment tax (and if I take 50% as dividend my fica tax will still be higher). So scorp only makes sense if 1099 is your primary job where the main benefit is 50% of that fica tax. (http://www.autoadmit.com/thread.php?thread_id=5595758&forum_id=2Elisa#48095407) |
Date: September 16th, 2024 10:06 PM Author: ,.,,,. If I make 500k of my income from w2 job for Florida and 100k via taxable 1099 remote work for california how do deductions apply? I.e. I deducted 50k in various expenses. Can it go entirely against my 1099 California income, or California will say that 50k deduction is 50k out of 600k total income hence deduction on that 100k would be under 10%? Does deduction count differently if I do it via scorp instead of just selfemployed? (http://www.autoadmit.com/thread.php?thread_id=5595758&forum_id=2Elisa#48097065) |
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Date: September 16th, 2024 10:14 PM Author: ,.,,,. Apparently scorps operated and registered out of state still must pay california 1.5% extra tax plus quarterly fees if they have any source income from california!! https://www.ftb.ca.gov/file/business/types/corporations/s-corporations.html |