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Compensation Of Officers and salaries and wages Form: What You Should Know

Form 1313-T — Compensation of Officers Enter the names and titles of all officers and their employment, pay period, pay amounts, pay period gross (excluding bonuses or other compensation received from an unrelated source) and, if applicable, any other compensation. Wage Compensation for S Corporation Officers — Tax Act If the S corporation pays more compensation than the sum allowed under this section, enter the excess compensation on  Wage and Employment Credits — Less Employment Credits This screen provides information on the amount of the credit allowable by the IRS with respect to wages paid to executives, directors, and other top managers of S corporations and the amounts of compensation paid to S corporation officers and directors. Enter any credits on this screen and attach it to Form 1120, 1120-C, 1120-F, 1120-RIC, or 1120-REIT if: The employee received compensation of 1,000 or less in taxable income or had a negative income tax and the amount of compensation exceeds 600 within the period from July 1, 2015, through the earliest of: If the amount of compensation is 600 or less within the period that ended 5 years prior to the filing date, enter 100; or If the amount of compensation in the preceding 5 years exceeds 600, enter 1,000 and complete instructions regarding whether to attach the Forms 1120, 1120-C, 1120-W and 1120S relating to compensation of officers; and The amount of compensation is attributable to compensation paid in the year from which it was derived. The following are the forms and instructions for filing the Forms 1120, 1120-C, 1120-W and 1120S under  Wage and Employment Credits — Less Employment Credits If any of the following applies, complete the following. (1) The wages are not paid by or on behalf of the corporation. (2) The wages are not paid in the normal course of business. (3) The wages are paid by an individual other than the corporation's officer. (4) The employee is paid by a third party and not by the corporation.

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