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Q: Basic Tax Organization Guidance - S Corporation ( No Answer,   0 Comments )
Question  
Subject: Basic Tax Organization Guidance - S Corporation
Category: Business and Money > Small Businesses
Asked by: theuser2345-ga
List Price: $10.00
Posted: 12 Apr 2005 09:05 PDT
Expires: 12 Apr 2005 10:09 PDT
Question ID: 508356
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?
Answer  
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