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QUESTION DETAIL
Related User
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As a small business where my wife and I are partners, we paid ourselves and withheld quarterly payroll taxes. The business is not doing well now and we changed from drawing a salary to making withdrawals. Do we continue to withhold quarterly payroll taxes for the business?
ANSWER
The BIDaWIZ Team's Answer:
If you are still generating a profit, then you would owe self employment taxes on the income. If that is the case, you should continue to file quarterly income taxes.
