SCORP - Employee deferral/Employer contributions for 2007

[Guest 401K_Help]

For a S-corp, how can I pay bonus for 2007 before Jan15th? DO I treat it like a regular payroll run? I'm assuming I can do my 15500 deferral through my bonus amount. Is there a limit or ratio for bonuses compared to salary ? Also, does the gross annual salary then include the entire bonus amount or bonus - tax deferred amout.? Thanks for all the help.

[Bird]

I'm not sure anyone here can help you, but I don't like to see any questions completely ignored, so here goes.

These are questions for your accountant, or "an" accountant if you don't have one...but I don't see how you can pay a bonus now for 2007, nor do I see how you can defer money out of a bonus if you have not made an election to make a deferral before 12/31, as your unedited post implied you wanted to do. There's no particular limit to a bonus vs. regular pay, as long as pay is reasonable - again, a question for an accountant. The general answer to reporting compensation is that Box 1 of a W-2, Federal taxable income, shows net taxable income (after 401(k) deferrals) and the other boxes for SS and medicare will show the gross - subject to certain limits and other adjustments probably not relevant to this discussion.