I am exploring an opportunity to become a 1099 consultant. For a tax purpose, what is a real difference between sole proprietorship and S-corp? Specifically, in case of S-corp you can pay yourself a modest salary and receive the rest as distribution, not taxed for Social Security purpose. Is this available for selfemployed? Also, selfemployed can deduct 1/2 of selfemployment tax. Anything similar for S-corp? Maybe other consultants on the board can point out other issues.Thanks a lot!
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