How to Setup S Corp Payroll (Step-by-Step Guide) - How to Pay Yourself as the Owner

So you're an S-Corp, but... you have no idea how to setup payroll to pay yourself as an S-Corp? IF that's you, watch this video..
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We advise a lot of our tax planning clients to set up S-Corporations for one simple reason: to avoid the 15.3% self-employment tax.
If you earn ordinary income from your business, and you are not an S-Corp or C Corp, then you may be subject to thousands of dollars in self-employment taxes that could have been reinvested back into your business.
But unfortunately, a lot of S Corp owners fail to pay themselves a reasonable salary - partly because they do not understand how to do this.
So in this video, I walk through how to setup payroll and pay yourself correctly.
Payroll Discounts:
If you still need a payroll provider, use the links below for a big discount:
- ADP (Get 20% Off): bit.ly/adpmycpacoach
- Gusto (Get a $100 Gift Card): bit.ly/gustomycpa
- QuickBooks Payroll (Get 20% Off): bit.ly/intuitmycpa
Timestamps:
Purpose of S Corps (0:00)
Step 1: Choose Payroll Provider (2:15)
Step 2: Setup State Accounts (3:49)
Step 3: Add Account Numbers to Payroll Settings (5:30)
Step 4: Add Yourself as an Employee (6:55)
Step 5: Determine a Reasonable Compensation (7:44)
Step 6: How to Paying Yourself as an S Corp (10:09)
Step 7: Make sure automated taxes and forms are on (10:57)
Become a Tax Client: mycpacoach.com/tax-planning-s...

[@mycpacoach]

Watch Next: The Best Payroll Service for S-Corps th-cam.com/video/8RYQj1TKyPU/w-d-xo.html

[@mycpacoach]

If you still need a payroll provider, you can just use one of our firm's discount links below:
- ADP (Get 20% Off): bit.ly/adpmycpacoach
- Gusto (Get a $100 Gift Card): bit.ly/gustomycpa
- QuickBooks Payroll (Get 20% Off): bit.ly/intuitmycpa

[@SunHealthMedClinic]

Thank you for helping us learn from your experience!

[@Gio-vf1zf]

Excellent projection skills. Thank You.

[@kiaracouch9315]

Thank you soooooooooo much! You are helping me enhance my life and knowledge! I use ADP Roll and use the labor of statistics to decide on reasonable salary

[@BrianJohnson-kh7mg]

Great step by step explanation. Thanks!

[@dopegrillzbylee]

Ready to setup payroll for my company and this first video I’m watching appreciate it

[@mycpacoach]

Happy to help!

[@sarabethvandegrift7689]

Wow this was incredibly helpful. Thank you. 😊

[@mycpacoach]

Happy to help!

[@irinam9848]

Very helpful, thank you!

[@mycpacoach]

Glad you found it helpful!

[@katmonra]

Thank you so much for sharing this!

[@AdelitaWilliam-dl7ci]

Your videos are very useful and provide lots of information. I have received lots of help after watching this post, please continue to share this kind of information. Thank you.

[@mycpacoach]

You’re welcome. What kind of content can I create to further help you?

[@woodsmithusa6583]

Well presented and very helpful

[@mycpacoach]

Thank you!

[@bluecollarbones]

Great advice!! Thank you for these videos🤘⚒️🤘

[@mycpacoach]

I’m happy to help! Thank you for dropping a comment.

[@Alaminzaid1]

Top of the line!!!

[@stephenw.20]

Excellent information

[@mycpacoach]

Thank you, Stephen!

[@CursedOnii]

Thank you!!! 💚💚💚💚

[@RebeccaCampbell-dw7ne]

Thank you

[@TheMotionBboy]

Phenomenal!!!

[@jimeagle5509]

When you get paid for your services (selling hot dogs, etc), where is that money deposited to run it through payroll ?….in quickbooks? Thanks for the video.

[@malindawilson1566]

why is the city or local tax included not included?

[@bernardifilms6084]

Setting up state accounts was by far the hardest part

[@mycpacoach]

What state are you in?

[@bernardifilms6084]

NJ there was a bug on the site that prevented me from selecting the s corp option.

[@MikeTXBerry]

Fantastic information but man that camera shake you add to all of your videos makes me motion sick

[@mycpacoach]

Thanks, Mike. I've fixed this going forward.

[@FranciscoCarcamo-ux7jb]

🇱🇷🇱🇷🇱🇷🇱🇷🇱🇷🇭🇳