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ryanpoyar
New Member

Quarterly payments and filing requirements for a single member LLC treated as an S-corp?

I just started an LLC in Maryland at the start of this year and took the s election. I am the owner of the company and the only employee. I plan to do quarterly payroll and do it myself. I am hoping to get a list of what I need to pay and file on a quarterly basis. From my research, the following are all of my quarterly obligations:

  1. Pay and file quarterly payroll withholding. Do I pay this to the State or Federal?
  2. Pay quarterly state unemployment tax. If I reach the maximum tax in the first quarter do I still need to file in subsequent quarters?
  3. Pay quarterly federal unemployment tax. If I reach the maximum tax in the first quarter do I still need to file in subsequent quarters?
  4. Pay state quarterly estimated tax payment
  5. Pay federal quarterly estimate tax payment

Are there any other quarterly obligations that are not on this list? Can any of the above be combined or done just once per year to remove some of the administrative burden?

1 Best answer

Accepted Solutions
RichardK
New Member

Quarterly payments and filing requirements for a single member LLC treated as an S-corp?

1.     Pay and file quarterly payroll withholding. Do I pay this to the State or Federal?  You pay and file quarterly and annual payroll taxes with the IRS and the state of Maryland.

2.     Pay quarterly state unemployment tax. If I reach the maximum tax in the first quarter do I still need to file in subsequent quarters?  You report Maryland unemployment insurance taxes every quarter, and pay the required amount.

3.     Pay quarterly federal unemployment tax. If I reach the maximum tax in the first quarter do I still need to file in subsequent quarters? Federal unemployment is paid quarterly, but Form 940 is filed annually.

4.     Pay state quarterly estimated tax payment To the extent your federal withholding taxes do not cover your federal tax liability, you file federal quarterly estimated taxes.

5.     Pay federal quarterly estimate tax payment To the extent your Maryland withholding taxes do not cover your Maryland tax liability, you file Maryland quarterly estimated taxes. 

These are the all the basic payroll taxes, and your personal income tax responsibilities, and you can't combine any of these.

You also could have sales tax (or meals tax) requirements, and depending on your business, you may have industry specific quarterly reporting requirements.

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1 Reply
RichardK
New Member

Quarterly payments and filing requirements for a single member LLC treated as an S-corp?

1.     Pay and file quarterly payroll withholding. Do I pay this to the State or Federal?  You pay and file quarterly and annual payroll taxes with the IRS and the state of Maryland.

2.     Pay quarterly state unemployment tax. If I reach the maximum tax in the first quarter do I still need to file in subsequent quarters?  You report Maryland unemployment insurance taxes every quarter, and pay the required amount.

3.     Pay quarterly federal unemployment tax. If I reach the maximum tax in the first quarter do I still need to file in subsequent quarters? Federal unemployment is paid quarterly, but Form 940 is filed annually.

4.     Pay state quarterly estimated tax payment To the extent your federal withholding taxes do not cover your federal tax liability, you file federal quarterly estimated taxes.

5.     Pay federal quarterly estimate tax payment To the extent your Maryland withholding taxes do not cover your Maryland tax liability, you file Maryland quarterly estimated taxes. 

These are the all the basic payroll taxes, and your personal income tax responsibilities, and you can't combine any of these.

You also could have sales tax (or meals tax) requirements, and depending on your business, you may have industry specific quarterly reporting requirements.

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