I had an Scorp for 10 years and did my own payroll using Quickbooks.My CPA recently retired - the new EA taking over wants to charge $225 per quarterly payroll for our LLC reporting as an S-corp.
The payroll should be straight forward since all numbers are decided at the beginning of the year: Salary + solo 401K contribution.
All in-between monthly accounting is done by me using a simple spreadsheet. The EA does the year-end returns.
Anybody does these 4 payrolls themselves either old school or through a tax software that makes sense?
Tom
From BH thread "Scorp election?" viewtopic.php?p=6570934#p6570934
.. a corporate payroll [requires] withholdings for Federal taxes, state taxes, FICA, medicare, SDI, ETT [Employment Training Tax], FUTA, etc. .. Payroll is complicated. And it keeps changing.
.. I recommend using Quickbooks to do your payroll. Quickbooks Pro costs ~$220 [and is good for 3 years]. The online payroll costs ~$400/year [and goes up every year]. It is not cheap, but it is worth it. It is way too hard to keep up with the ever-changing tax tables, tax laws, etc. Quickbooks does all of that for you [as you install the updates].
I ran my corporate payroll once a month. Mostly because it was simpler and coincided with the monthly Federal and State deposit requirements. .. all those withholdings and company paid portions of payroll taxes have to be sent to the government. The frequency of the corporate deposits depends on the size of the corporation. For me, it was monthly. So it was convenient for me to do the payroll and then make the corporate deposits right after that. There are stiff penalties if you miss the corporate deposit dates.
Statistics: Posted by doobiedoo — Sun Jun 16, 2024 2:01 am — Replies 4 — Views 372