I'm a new S corp of one. How do I just pay myself?

by Alyssa
(New Hampshire)

I see all these options for setting up payroll in respect to hiring employees. I am only concerned with properly paying my self. I am the CEO of a new S corporation. What do I need to know before I just start pulling money out of the business account?


===========================================

Hi Alyssa,

Sorry it's taken me a while to answer you, but all you need to do is calculate payroll for yourself.

You need a Federal ID Number, then you need to apply with the IRS, your state, and your locality to start withholding payroll taxes.

Check out my navigation bar to the left, and visit the pages on payroll for starters.

Thanks for stopping by!
Kathy

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Ask the Expert!.