Do traders pay FICA?

Quote from khorne55:

I was sure that I saw that somewhere on the internet but it was definitely wrong. From TN gov't website:

IRS Publication 589, "Tax Information on S Corporations," can give you more information. Note: S Corporations must be incorporated under the laws of TENNESSEE. Therefore, they are subject to state corporate excise (income) taxes and state corporate franchise (company value) taxes.

This part I don't like is:
Therefore, they are subject to state corporate excise (income) taxes and state corporate franchise (company value) taxes.

There is no "individual" state income tax in TN. This would seem to be a drawback for a TN S-corp.
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Incorporate in one state, say Nevada. Earn your wages/dividend distrubutions in another state, TN.

You needn't incorporate in the state you reside.

Later,

Cracked
 
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