October 2013
Beginner
610 pages
17h 28m
English
book
J.K. Lasser's Small Business Taxes 2014: Your Complete Guide to a Better Bottom Line
by Barbara Weltman
Content preview from J.K. Lasser's Small Business Taxes 2014: Your Complete Guide to a Better Bottom Line
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Employee Compensation
Salary, Wages, and Employee Benefits
Temporary Workers and Outsourced HR
Deductible Employee Compensation
Stock Options and Restricted Stock
If you are an employee of someone else's business, you do not pay compensation to another individual. You can skip most of this chapter and go on to look at deductible expenses. However, you might want to review the areas covered to understand your employer's burdens and responsibilities for the wages and benefits paid to you. You may also be interested in 2 tax credits to which you may be entitled by virtue of working.
If you are the owner of a sole proprietorship, partnership, or limited liability company, you are not an employee and cannot receive employee compensation. Money you take out of your business is a “draw,” but it is not a deductible expense for the business (you already pay tax on your share of business income, whether or not it is distributed to you). However, your business may have employees, and payments to them are deductible according to the rules discussed in this chapter. According to the Summer 2012 Statistics of Income Bulletin, wages and compensation was the largest deduction category for sole proprietorships. ...
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