Question
What forms would the following information go into on a 2020 Individual Return? Jack earned $46,000 gross pay from S-Corp and $34,000 from C-Corp. He
What forms would the following information go into on a 2020 Individual Return?
Jack earned $46,000 gross pay from S-Corp and $34,000 from C-Corp. He had withheld from the S-Corp wages $2,125 in federal taxes, $1,131 in PA state tax and contributed $5,000 to his 401 (k) plan. He had withheld from the C-Corp wages $3,925 in federal taxes and $1,776 in PA state tax. Deb earned $34,000 gross pay from the S-Corp and $34,000 from the C-Corp. She had withheld from the S-Corp wages $2,125 in federal taxes, $1,131 in PA state tax and contributed $5,000 to her 401(k) plan. She had withheld from the C-Corp wages $2,125 in federal taxes and $1,131 in PA state tax.
They each received $50,000 in dividends from the C-Corporation, all of which were qualified dividends
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