S-Corp: How to report 10hours a Month of Activity? Hello,
I own a S-Corp. I am the President and Shareholder. There are currently NO employees drawing any wages. For now, All activity earning income is from Trading Stocks by "me", the ShareHolder cum President, doing about 30mins a day.
Such a light amount of work, 30mins a day, amounts to 10hours a month and 120hours in a year. I am very confused on how to report this. Please help.
1.) Am I considered an Employee of the S-Corp?. If "Yes", should I have to report wages for myself , for 10hours a month?
2.) If I assume that I am also an Employee of my S-Corp, How do I pay myself?. 10 hours a month is less than Part Time salary. So I cannot pay myself on an hourly basis. What do I do?
3.) Even if it is right to report wages for 10hrs, how do I know how to calculate the hourly rate, As I am not a Professional Investing or Trading Firm employee and I am just a normal common man. Should I use Minimum Illinois Wage Rate per hour?
Thanks in Advance,
spkb69 |