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payroll service for single member llc -> s-corp?
Posted on 4/1/22 at 12:25 pm
Posted on 4/1/22 at 12:25 pm
my wife and I each have single-member LLCs that we are switching to s-corps for taxes. I need to set up a regular paycheck for us both. My wife makes decent money but doesn't keep up with her books consistently so I'm looking for an easy-to-use payroll service where we can set it up and put her on a salary. I'll probably end up handling it for her since I'll do mine as well. but we are busy with life and I don't mind paying a few bucks a month for a service to handle this so we don't spend too much time doing it. Any suggestions? TIA
5
Posted on 4/1/22 at 12:30 pm to notbilly
Do you use QuickBooks Online?
If so it's really hard to beat their payroll service. About $100 a quarter.
All of our clients who use QBO we recommend they use that because it seamlessly integrates to the books.
If so it's really hard to beat their payroll service. About $100 a quarter.
All of our clients who use QBO we recommend they use that because it seamlessly integrates to the books.
Posted on 4/1/22 at 12:37 pm to macatak911
My wife is still using the quickbooks desktop software. I've moved to wave apps and really like it. The free version is perfect for me. I use their invoicing and credit card payment b/c it works for my business (design-consulting). I haven't switched my wife yet b/c her credit card transactions are more POS than mine. The Wave Apps payroll looks to be $20/month + $6 per employee. It's cheap but I have to do Louisiana manually which I'd prefer not do. Of course that may be the norm. I'm completely new to this. My CPA would probably charge me $100-150/month to handle this so I don't mind putting a little effort in it to save a few $$$.
Posted on 4/1/22 at 1:00 pm to notbilly
With only 1 employee each I'm not sure how it will work and its not going to be "cheap" I don't think because of that.
Given that, I'd strongly look at QBO's service just for ease of use.
I'd consider paying yourself an easy flat amount also and you could only pay yourself once a month to make it even easier?
ETA: I'm not a lawyer and there will be some that shite on me for saying this, but for a single member LLC in which you are the only employee an LLC is not going to offer you much if any protection at all. Just make sure you have Liability insurance and any sort of professional insurance to cover yourself.
Given that, I'd strongly look at QBO's service just for ease of use.
I'd consider paying yourself an easy flat amount also and you could only pay yourself once a month to make it even easier?
ETA: I'm not a lawyer and there will be some that shite on me for saying this, but for a single member LLC in which you are the only employee an LLC is not going to offer you much if any protection at all. Just make sure you have Liability insurance and any sort of professional insurance to cover yourself.
This post was edited on 4/1/22 at 1:02 pm
Posted on 4/1/22 at 1:17 pm to baldona
quote:
ETA: I'm not a lawyer and there will be some that shite on me for saying this, but for a single member LLC in which you are the only employee an LLC is not going to offer you much if any protection at all. Just make sure you have Liability insurance and any sort of professional insurance to cover yourself.
He's more interested in the S-Corp election which will get him out of SE tax on a good chuck of the entity's income by paying a reasonable salary to the wife.
Posted on 4/1/22 at 1:19 pm to notbilly
quote:
My CPA would probably charge me $100-150/month to handle this so I don't mind putting a little effort in it to save a few $$$.
We've gotten out of this business completely. The big online companies honestly do a better job for cheaper.
Posted on 4/1/22 at 1:20 pm to macatak911
quote:
He's more interested in the S-Corp election which will get him out of SE tax on a good chuck of the entity's income by paying a reasonable salary to the wife.
I completely understand that. My comment was off topic. I was pointing it out because they are/ were both LLC's.
Posted on 4/1/22 at 2:10 pm to notbilly
All of the mainline accounting programs have some sort of payroll system built in. That's usually easiest because of as the other poster said, ease of integration.
I have a few clients on Wave. LA payroll is not terribly difficult. For withholding, if your total LA withholding is less than $6,000 a year you file and pay quarterly. If it's between $6,000 and $60,000 a year, you pay monthly and file quarterly. If your withholding for one employee is more than $60K a year, hire a CPA =)
State unemployment is due and paid quarterly.
All of this can be filed and paid online.
I have a few clients on Wave. LA payroll is not terribly difficult. For withholding, if your total LA withholding is less than $6,000 a year you file and pay quarterly. If it's between $6,000 and $60,000 a year, you pay monthly and file quarterly. If your withholding for one employee is more than $60K a year, hire a CPA =)
State unemployment is due and paid quarterly.
All of this can be filed and paid online.
Posted on 4/1/22 at 3:36 pm to LSUFanHouston
quote:
I have a few clients on Wave. LA payroll is not terribly difficult. For withholding, if your total LA withholding is less than $6,000 a year you file and pay quarterly. If it's between $6,000 and $60,000 a year, you pay monthly and file quarterly. If your withholding for one employee is more than $60K a year, hire a CPA =)
The salaries I'd set up would be under $6,000 of withholding for the state so I can handle the quarterly file and pay. Thanks.
eta: I didn't read the part about everything being done online.
This post was edited on 4/1/22 at 3:45 pm
Posted on 4/2/22 at 12:00 am to notbilly
Full service payroll will cost you about $30-40/month per company minimum. It’s not very hard to do especially for one person, it all comes down to whether you want to just not think about it for the $400-500/year it costs. With one employee it’s a tough call. It’s pretty easy to file and pay, especially for one salaried employee
I use QBO and it works pretty well.
I use QBO and it works pretty well.
Posted on 4/3/22 at 9:58 pm to notbilly
Check out Onpay.
Posted on 4/4/22 at 5:59 am to catfish 62
quote:
Check out onpay
Had a client just leave onpay due to poor customer service.
Had to move mountains apparently to add s corp health to his W2. Then he had to amend a W2 and never got a call back.
Posted on 4/20/22 at 7:41 am to notbilly
My wife uses Gusto for her payroll for her single member LLC/S-Corp and they do everything for her filing wise basically. Works very well and hasnt had any problems after about 2 years now.
She uses quickbooks for bookkeeping.
She uses quickbooks for bookkeeping.
Posted on 4/20/22 at 8:09 am to thunderbird1100
We also use Gusto and have been happy with it.
Posted on 4/20/22 at 8:38 am to macatak911
quote:
He's more interested in the S-Corp election which will get him out of SE tax on a good chuck of the entity's income
Sorry to hijack the tread, but if you go Sub S + minimum wages, don't you lose/greatly reduce your QBI deduction, making any SE taxes a wash? I.e. your QBI deduction would be limited to whatever W-2 wages the S corp pays rather than 20% of your Sch C profit.
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