A food truck owner elects S-Corp status
A single-owner truck netted about $120,000 a year as a sole proprietorship — all of it subject to self-employment tax.
What we did
- 1Modeled a reasonable salary for the owner's role
- 2Filed the S-Corp election and set up payroll
- 3Planned quarterly estimates and year-end filings
The result
Estimated payroll-tax savings of roughly $7,000 a year, before added payroll and filing costs.
≈ $7k / yr