USA S-Corp Tax 2019 Questions

Feb 20, 2021
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United States
Greatly appreciate any help with these 2 questions.

So 2019 was my first year of business in NYC, I elected treatment as an S-corp. I made 70K a year with a client. I understand i have to pay myself reasonable wages, I took a 10k distribution and 10k of wages which is included in my overall expenses of 46k. The remainder amount is 24k and that's retain earnings kept to be reinvested in the business. I also understand i have to pay FUTA on the corporate level and Medicare and SS taxes for myself

1,) What are the likely hood given its my first year that reporting those numbers will be an issue or raise any red flags?
2.) What type of tax and percentage if any would I be looking to pay on the retain earnings?

Thank you!


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