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You confuse payroll taxes with income tax.

Posted on: April 27, 2017 at 08:25:23 CT
tigerdb MU
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your boy trump has not made any proposal with respect to payroll taxes. What do travel & health care have to do with it?

If your S corp paid you a wage - you did not pay 15% (SS) on that portion; you paid SS tax on the ordinary income from the corp (you also deducted half of that 15% (as well as health insurance) from your income (for determining income tax.) The net profit was taxable at whatever bracket you were in (as were your W-2 wages from the S Corp.)

Under this proposal, your wages from the S Corp would be taxed at whatever bracket you were in, & the S Corp profit would be limited to 15%.... In which case, one would be prudent to limit your wages from the S Corp and push the profit to the S Corp (taxed at 15% rte.).....I'm fairly certain that you wouldn't be astute enough to figure that out - but if you happened to engage someone that was half-way bright, they'd set it up for you.

Edited by tigerdb at 08:25:59 on 04/27/17
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Did we decide whether mortgage interest and contributions - DevilsAdvocate MU - 4/26 22:52:11
     The Brownback tax plan worked so well in KS that Trump - SparkyStalcup MU - 4/26 23:19:41
          X happened, then Y happened - ummmm MU - 4/27 09:10:22
          RE: The Brownback tax plan worked so well in KS that Trump - sarasotatiger MU - 4/27 05:57:57
          Exactly - it's worked so well in that ****hole state(nm) - tigerdb MU - 4/27 05:30:43
               I can't wait to start an S corporation so I can get taxed at - MrBlueSky MU - 4/27 07:33:06
                    No matter how often you post that, you're still wrong. - RHAYWORTH MU - 4/27 08:02:54
                         How exactly is he wrong? - tigerdb MU - 4/27 08:12:04
                              I'm not wrong, Rhay is just an @sshole (nm) - MrBlueSky MU - 4/27 08:27:20
                                   blew some guy is just mad, he wants to believe something. - RHAYWORTH MU - 4/27 08:58:48
                                   you sure about that? - tigerdb MU - 4/27 08:28:57
                                        Have either of you two clowns ever run an S corp? - RHAYWORTH MU - 4/27 09:23:46
                                             One thing is for sure rayboy - tigerdb MU - 4/27 09:35:10
                                                  Good for you! probably bad for your clients. - RHAYWORTH MU - 4/27 09:47:13
                                        Big Lebowski line (nm) - MrBlueSky MU - 4/27 08:30:33
                                             Shut the **** up MrBlewGuys, you're out of your element. - Emoji Man MSU - 4/27 08:36:55
                         I'm not wrong. That's what people are going to do (nm) - MrBlueSky MU - 4/27 08:07:55
                              Perhaps, but you're intentionally lying about what they pay. - RHAYWORTH MU - 4/27 08:13:03
                                   You confuse payroll taxes with income tax. - tigerdb MU - 4/27 08:25:23
                                        It's all taxes, no matter what spin you put on it. - RHAYWORTH MU - 4/27 09:04:59
          a 20% cut in tax revenue? really? you getting dizzy - tigerinhogtown STL - 4/27 05:30:17
               shifting the tax burden to wage earners - tigerdb MU - 4/27 05:35:51
          Did you really just say the US is just like kansas? - RHAYWORTH MU - 4/26 23:23:53
               No, just that Trump wants the US to be like Kansas. - SparkyStalcup MU - 4/26 23:26:20
                    It's better than Dem plans to turn us into Mexico or Somalia - Spanky KU - 4/27 06:21:25
                    No, you need to be less stupid. I doubt that happens. - RHAYWORTH MU - 4/26 23:34:05
                         Have you read Trump's tax plan? Just like Brownback's. - SparkyStalcup MU - 4/26 23:40:05
                              You display stupidity intentionally, to sell a biased view. - RHAYWORTH MU - 4/27 08:25:40
                              Just like Brownback - tigerdb MU - 4/27 06:17:18
               Trump is trying to emulate Kansas. That may be low, - SparkyStalcup MU - 4/26 23:24:58
     Sounds like they're above the line adjustments (in addition - tigerdb MU - 4/26 23:00:16
          why would you eliminate 401k deductions?(nm) - DevilsAdvocate MU - 4/27 06:31:16
               possibly to discourage savings, encourage immediate spending - Guy on a Bison KC - 4/27 07:57:34
     Also are personal exemptions being removed? (nm) - DevilsAdvocate MU - 4/26 22:54:14




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