Various Tax forms Needed for an S Corporation

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S Corp
This discussion will explore the various tax forms needed for an S Corporation, the different issues in business taxes, individual and business taxes, and whether a CPA career is worth pursuing.
Tax Forms Needed for an S Corp
The tax forms are categorized into those for the corporation and those meant for the shareholders. Those for the corporation are; 1120S (Schedule K-1) for income tax, 1120-W for estimated tax, and 940, 941, 943 for Employment taxes. Those for the shareholders are; 1040, 1040-SR, and Schedule E (Form 1040) for Income tax, and 1040-ES for estimated tax (Internal Revenue Service, 2022). Form 1120S- U.S. Income Tax Return for an S Corporation is used to report the deductions, losses, credits, income, and gains.
Form 1120-W- Corporations use estimated Tax for Corporations to make an estimate and figure out their tax liability and payments. 940-Employer’s Annual Federal Unemployment (FUTA) Tax Return for reporting the annual FUTA Act tax. 941- Employer’s Quarterly Federal Tax return for reporting withheld amounts of social security tax, income tax, Medicare tax, and to make payments for the employer’s portion of Medicare and Social Security taxes.
943- Employer’s Annual Federal Tax Return for Agricultural Employees to report farm wages that are subject to Federal Income, Medicare, or Social Security taxes. 1040- U.S. Individual Income Tax Return for filing individual shareholder returns. 1040-SR- U.S. Tax Return for Seniors for reporting incomes from sources like distributions from qualified retirement plans.
Schedule E of Form 10...