Category Bookstime

So, the business itself also does not pay Social Security and Medicare taxes on the distributions given to shareholders. You will want to hire an accountant and set up a payroll service to complete all of forms that you need…

Unlike a Single-Member LLC, a Multi-Member LLC fosters collaboration by sharing decision-making responsibilities and operational duties among business partners. A Single-Member LLC (SMLLC) is a separate legal entity owned bookkeeping and operated by one individual. This structure offers the benefits…

It offers practical information concerning the subject matter and is provided with the understanding that ADP is not rendering legal or tax advice or other professional services. S corporation shareholder-employees must earn a salary comparable to what similar businesses pay…

At the end of the day, the ultimate goal is to meet your tax obligations while also being paid what you’re worth. If you’re not sure how to handle paying yourself when you start (or switch to) an S corp,…