Real Estate Brokerage - Do I need to have at least one employee?
(Broward, FL. USA)
I have a small home based real estate brokerage business under a S-Corp. It is a part time business, and I have no employees. This year I have sold several homes and the company is profitable. In this situation, is the company required to have at least one employee, which in this case would be myself? If so, do I need to actually take a salary and pay myself? What other filing and payment requirements are involved with payroll?
Congrats on having a great year!
And yes, you should be paying yourself payroll out of your S-Corp. This has been something the IRS is looking into. You should take a 'reasonable' salary.
You need to have a Federal ID Number, which I'm assuming you do. Then you need to apply to your state, locality, state unemployment, and workers compensation (if required in Florida) departments to withhold and or pay taxes each quarter.
Then you would need to decide on a salary amount, and then calculate a monthly or semi-monthly (or weekly) payroll.
If you need help with this just let me know. I've been doing payroll for years. Send me an email, I'd be glad to help.