The WealthAbility Show with Tom Wheelwright, CPA cover image

The Right Way To Take Money From Your Business

The WealthAbility Show with Tom Wheelwright, CPA

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What Is the Social Security Tax in an S Corporation?

As long as your business is a regular operating business, you're probably going to be an es corporation. But all the money that's really being earned by the company itself, and not by you as an employee of the company, that should be taken out as a distribution. Most of the time that should be take out as a Distribution. Compared to a c corporation, sea corporation, two taxes, one at the corporate level,one at the individual level. Is a dividend. As corporation, one level of tax, only the income tax, no tax on the distribution. Just like a sea corporation, no social security tax paid by the corporation. So what do i do? Well, now

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