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?
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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?
Yes, but I'm not sure whether that would be an real advantage,
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 taxesQuote:
Originally Posted by elliemae0418
While that is accurate, that doesn't preclude a sole proprietor from paying himself a salary. Sole proprietorships can have employees.Quote:
Originally Posted by delite
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