I dont have any software. I want to do it manually.Need help with the same. I dont want to use an accountant becasue of the fees they charge.
2007-07-01 14:59:14 · 3 answers · asked by nmd 1 in Business & Finance ➔ Taxes ➔ United States
As a single member LLC you do not have payroll. You will file a schedule C. You do not need to file payroll taxes. For all intents and purposes you're a sole proprietor. The Single member LLC is what the IRS refers to as a "disregarded entity". The "LL" (Limited Liability) is a legal issue and not a tax issue in your case.
I still think it would be a good idea for you to at least see an accountant for a consultation. You may get some good pointers on deductions that you were not aware of. Many of these can be very specific to your industry.
2007-07-01 15:27:01 · answer #1 · answered by smh60437 3 · 1⤊ 1⤋
You can have an annual payroll. It is like paying yourself with whatever ends up on the bottom line of your company at the end of the year.
You personnally, not the company, may have to make estimated tax deposits to Fed & State. Especially if you end up owing more than $500 in taxes a the end of the year. Uncle Sam wants his money periodically throughout the year.
You don't need Quickbooks, or a Payroll Service like ADP or Pay Chex. Just get an IRS publication for Payroll. Check the IRS.gov website.
2007-07-01 22:06:07 · answer #2 · answered by MELANIE 6 · 0⤊ 3⤋
No, you can't do that. You don't put yourself on the payroll of an LLC. You'd only do payroll if you have other non-owner employees. If you have employees, they must be paid no less frequently than once monthly.
2007-07-02 00:43:45 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋