I have a full time job that I work and my taxes are deducted properly.
In addition to this, I do part time graphic design work, in which I
created an S Corporation this year merely for legal protection. I
have no employees - just two or three freelance designers that assist
in projects for certain technologies that I can not do. In addition,
I keep all money that I make for myself - it's a side job and I'm not
really interested in building a huge, profitable busines. This being
the case, are my following assumptions correct:
1. I have filled out the MISC form for my freelance workers with the
amounts I have paid them.
2. I will need to fill out the annual Corporation S tax form for the
Corporation, but really all of the Corporation's money went to myself
- correct?
3. I will need to report all money leftover, which I kept for myself,
on my regular tax form as an additional W2.
Finally - am I by default an employee? Could I just fill out a MISC
form for myself instead since this is a part time job? |