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View Full Version : Soleproprietorship - can I pay myself an actual payroll check and withhold taxes?


elliemae0418
Apr 29, 2008, 05:38 PM
As a soleproprietor can I legally pay myself a regular payroll check and withhold payroll taxes as well as pay taxes through quarterly self employed taxes paid directly to IRS?

ScottGem
Apr 29, 2008, 05:40 PM
Yes, but I'm not sure whether that would be an real advantage,

delite
Apr 30, 2008, 09:07 PM
as a soleproprietor can i legally pay myself a regular payroll check and withhold payroll taxes as well as pay taxes through quarterly self employed taxes paid directly to IRS?
As a sole proprietor you make withdrawals from the business which will be treated as distributions to soleproprietor. Estimated taxes, et al should be set up and paid,at the end of the year all withdrawals are considered salary subject to federal and local taxes

ScottGem
May 1, 2008, 06:13 AM
as a sole proprietor you make withdrawals from the business which will be treated as distributions to soleproprietor. estimated taxes, et al should be set up and paid,at the end of the year all withdrawls are considered salary subject to federal and local taxes

While that is accurate, that doesn't preclude a sole proprietor from paying himself a salary. Sole proprietorships can have employees.