Curious: is the federal income tax estimate withholding based on the employees salary compared to the published tax brackets for the current year? What if an employee is hourly?
you should come join my class! 8-weekly office hours and I help you sort it all out and set it up in your spreadsheet! Whether you are just forming an LLC or you already did, both situations are covered! Starting a group again next week! www.amandarussell.mba/30dayaccounting
Thanks for dumming it down, very helpful! One question, do I need to file the state equivalent Form 941 in the state where my employee lives or in the state where my offices are?
i have a S corporation and didn't employees. I used not have payroll for me and my husband but now people said it is better to pay our payroll , please advise which is correct
It's not better - it's required to pay yourself as W-2 employees!!!! Search my channel for "S-corp" and check out all the videos I have on the topic ... If you decide to stick with it and get yourself caught up correctly -- I have a course that walks you through all of the steps you need to take, including getting caught up and calculating and documenting reasonable compensation www.bizschool.coach/payingownersandworkerscourse
You should definitely watch this video! th-cam.com/video/rPXhgqNc5-k/w-d-xo.html . Never use 1099s either, instead you track each partners withdrawals and contributions in accounts in your records and it affects their basis. For taxes, the net income/activity passes through on the schedule K-1s to each owner's return based on their share of the business. If the Operating Agreement outlines salaries, these are tracked as "Guaranteed Payments" (handled as an expense, but no net tax difference to partners).
Video was informative | Integrated HR Solutions for START UP'S & MSME’S (Payroll, PF - ESIC, Compliance) - Ample Leap
Can you send me a copy of this power point. Such great info! Thank you
Curious: is the federal income tax estimate withholding based on the employees salary compared to the published tax brackets for the current year? What if an employee is hourly?
Withholding tables are based on pay period and amount of check, only. :)
Thank you so much!! I just hired my first 3 full time employees.
Congrats!!!
Is this only for USA right i mean futa & suta ? Can you make video for canada does they use futa & suta? Pls reply
I need to know .. to what departments and specific forms this is good viedo but I wish my state had clear instructions
you should come join my class! 8-weekly office hours and I help you sort it all out and set it up in your spreadsheet! Whether you are just forming an LLC or you already did, both situations are covered! Starting a group again next week! www.amandarussell.mba/30dayaccounting
Oh- I just saw this was 7 months ago! Hopefully you got things sorted out. I also recommend calling, most states are pretty good.
Great video
hey do yo still have a class or accounting service I could sign up for ?
Hello are you there
Thanks for dumming it down, very helpful! One question, do I need to file the state equivalent Form 941 in the state where my employee lives or in the state where my offices are?
hi, i used your link to start with Gusto but they are now telling me that you do not have a gusto account so I don't get the promo deal
Thank you!
i have a S corporation and didn't employees. I used not have payroll for me and my husband but now people said it is better to pay our payroll , please advise which is correct
It's not better - it's required to pay yourself as W-2 employees!!!! Search my channel for "S-corp" and check out all the videos I have on the topic ... If you decide to stick with it and get yourself caught up correctly -- I have a course that walks you through all of the steps you need to take, including getting caught up and calculating and documenting reasonable compensation www.bizschool.coach/payingownersandworkerscourse
What if I'm a partner in a partnership, and I want to set up payroll for myself and other partners? Do I still have the same obligations?
No, partners in a partnership or LLC cannot be paid as W-2 employees.
You should definitely watch this video! th-cam.com/video/rPXhgqNc5-k/w-d-xo.html .
Never use 1099s either, instead you track each partners withdrawals and contributions in accounts in your records and it affects their basis. For taxes, the net income/activity passes through on the schedule K-1s to each owner's return based on their share of the business. If the Operating Agreement outlines salaries, these are tracked as "Guaranteed Payments" (handled as an expense, but no net tax difference to partners).
Hello thanks for all your information, I have one question should I have a EDD number as a single member or multi member LLC?
Thank you
WOW... Ur voice is amazing... Sounds swell
Software propaganda. straight to the point