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-   -   Soleproprietorship - can I pay myself an actual payroll check and withhold taxes? (https://www.askmehelpdesk.com/showthread.php?t=210920)

  • Apr 29, 2008, 05:38 PM
    elliemae0418
    Soleproprietorship - can I pay myself an actual payroll check and withhold taxes?
    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?
  • Apr 29, 2008, 05:40 PM
    ScottGem
    Yes, but I'm not sure whether that would be an real advantage,
  • Apr 30, 2008, 09:07 PM
    delite
    Quote:

    Originally Posted by elliemae0418
    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
  • May 1, 2008, 06:13 AM
    ScottGem
    Quote:

    Originally Posted by delite
    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.

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