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The S corporation must “match” and pay over to the IRS an amount equal to the FICA portion of the tax withholding.

Under current law, the employee is required to pay (and have withheld) 7.65% of his wages toward Social Security (6.2%) and Medicare (1.45%).

The taxable amount must also be included in your taxable income.

So what is the proper tax treatment of monies that are paid from business profits to the S corporation investor/employee?

However, net assets of an entity may also decrease as a result of payment of dividends to shareholders or drawings by owners of a business, both of which are distributions of profits rather than expense.

This is the significance of the latter part of the definition of expense.

Expenses are the decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants (IASB Framework).

Expense is a decrease in the net assets of the entity over an accounting period except for such decreases caused by the distributions to the owners.