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S Corp Tax Treatment in California - Guide for Freelancers

S Corp Tax Treatment in California - Guide for Freelancers 2025

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The document is the California Schedule K-1 (100S) for the taxable year 2023, intended for S corporations and their shareholders. It provides a detailed breakdown of each shareholder's share of income, deductions, credits, and other relevant financial information necessary for California tax reporting.

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What is the 70 30 rule for S Corp?

The premise behind the 70/30 rule is that historically, economic output is made up of about 70 percent returns to labor and 30 percent returns to capital, so that ratio should also apply to the income of pass through business owners.

What is the 40-60 rule for S Corp salary?

What is the 60/40 rule? The 60/40 rule is a simple approach that helps S corporation owners determine a reasonable salary for themselves. Using this formula, they divide their business income into two parts, with 60% designated as salary and 40% paid as shareholder distributions.

How does an S Corp save on self-employment tax?

If you organize your business as an S-corporation, you can classify some of your income as salary and some as a distribution. Youll still be liable for self-employment taxes on the salary portion of your income, but youll just pay ordinary income tax on the distribution portion.

How is S Corp taxed in California?

What is the tax rate for S corporations? The annual tax for S corporations is the greater of 1.5% of the corporations net income or $800. Note: As of January 1, 2000, newly incorporated or qualified corporations are exempt from the annual minimum franchise tax for their first year of business. (See below.)

What is the best way to pay yourself as an S Corp owner?

If you dont have cash to pay yourself based on the seasonality of your business, just pay yourself what you can via payroll and make sure it sums to your reasonable salary at year-end. As long as your w2 box 3 and 5 matches your reasonable salary you are good. It doesnt need to be even.

What is the 50 50 rule for S Corp?

The 50/50 rule refers to dividing up an S corp owners pay and distribution structure with 50 percent going to salary and the other 50 percent to owner distributions. This rule has generally been applied as a way to define reasonable compensation that the IRS wouldnt question.

Can a freelancer be an S Corp?

How S Corps could save you money on freelance taxes. Even if youre running a one-person business, you dont have to be a sole proprietor. Instead, you can form a corporation or limited liability company and have it taxed as an S Corp.

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