can I run my own payroll? I am a one member LLC,An a/ctant did it for me last year. No s/w, want t do manually

Question

If yes, Please let me know how and where I can find more info on the same.

Answer 1

Yes, you can. Visit the IRS website and get direction on the FICA/SS deduction (you'll have to withold 7.65% and pay an additional 7.65%-I think those are the correct rates). Also, get the latest tax tables to figure out your income tax witholding for the employees based on their W-4). You will typically get correspondence from the state what your rate is based on past unemployment claims related to your business and you only have to deduct taxes up to a certain amount of wages. Same thing for the Federal Unemployment taxes, although you can offset your State Unemployment rate against your Federal Unemployment tax rate (most companies pay .8%). This tax also has a limit on taxable wages. Make sure you get a payroll tax deposit book and find out from the IRS how often you need to make the tax deposits. You will have to submit 941 (income tax w/h, FICA) tax returns, 940 (Federal Unemployment tax returns), and State Unemployment returns.

My advice would be to get a cheap payroll program and read up on the IRS website and read up on state and federal uneployment taxes/returns. Have fun. =)

Answer 2

in basic terms like the apostle Paul traveled notably to hold information of Christ to human beings in all areas, devoted ones right this moment are doing the comparable element. there have been tribes chanced on interior the final one hundred fifty years that, interior the final 2000 years, never had any touch with Christians. Amazingly, nevertheless, they did have a legend of a depraved earth cleansed via technique of a international flood, with basically a handful of human beings surviving.

Answer 3

Yes, you can. I use Quickbooks for payroll. Here's the link for more info.

http://payroll.intuit.com/index.jhtml?priorityCode=3734600000

Answer 4

bank of america has free payroll