V
VLD
Guest
I am working as a contractor for a company that I have a financial stake in, we bill at $100.00/hour.
Sometimes I am the consultant on site and I only pay myself $6.00/hour.
The remaining money stays with my company and also goes to pay another employee as well.
Will the IRS have an issue with my only paying my self $6/hour while my own company pulls in much more?
The reasons behind this is the company will only have to pay out 15% taxes on the revenue and I am able to keep my income low enough to also keep me elidgable for unemployment benefits because I am only billing about 60 Hours a month. (far below the state limit)
Sometimes I am the consultant on site and I only pay myself $6.00/hour.
The remaining money stays with my company and also goes to pay another employee as well.
Will the IRS have an issue with my only paying my self $6/hour while my own company pulls in much more?
The reasons behind this is the company will only have to pay out 15% taxes on the revenue and I am able to keep my income low enough to also keep me elidgable for unemployment benefits because I am only billing about 60 Hours a month. (far below the state limit)