Setting S Corporation Salaries. S corporations can save their owners enormous amounts of tax. How? By correctly setting salaries for shareholder-employees and thereby reducing payroll taxes. But the process is tricky. Set the salary too low and you run the risk of an IRS examination. Set the salary too high, however, and the situation is even worse.
Double-ouch. Written in plain, everyday language, this $37.95 document explains how to save thousands of dollars a year with your S corporation--but at the same time how you can do so ethically and responsibly and in a way that minimizes both the chance that your S corporation tax return will be examined and the chance your S corporation salary will be rejected by the Internal Revenue Service. Table of Contents. The Rose On The Wall - Nancy's Fancy Gifts. Custom Modern Style T-Shirts - Design Online at UberPrints.com. Hire people to do graphics projects for $5. Young Lovers - Women - Designer Clothing Label. Sweatshop free T-shirts. 47 Essential Resources for T-Shirt Designers. Debit/Credit Cheat Sheet.
Note:Yellow highlighted items in my cheat sheet represent the Normal Type Of Balance For an Account - Debit or Credit The purpose of my cheat sheet is to serve as an aid for those needing help in determining how to record the debits and credits for a transaction. My "Cheat Sheet" Table begins by illustrating that source documents such as sales invoices and checks are analyzed and then recorded in Journals using debits and credits. These Journals are then summarized and the debit and credit balances are Posted (transferred) to the General Ledger Accounts and the amounts are posted to the left side of the general ledger accounts for debit balances and to the right side of the general ledger accounts for credit balances.
The General Ledger Accounts are made up of Balance Sheet and Income Statement Accounts. Are Either a Balance Sheet or Income Statement Account Major Types of Accounts Assets Formal Definition:The properties used in the operation or investment activities of a business.