S-Corp Forms to File for Payroll - First Timer Questions!

[vrb-phil]

I do consulting work and this year I elected to be taxed as an S-Corp (filed IRS Form 2553).

I am the only person involved in this work, the sole 'owner' of the LLC, and the sole employee.

Part of my consulting fees will be 'recorded' as salary and part as business/pass-through income.

I did not 'draw' any income (pay myself any salary) until December 31.

I have EIN & FinCEN numbers.  I have not yet filed any other Federal forms and, since I did not pay any salary until December 31, I have not (yet) paid any Federal taxes or withholdings.  I have more than enough 1040-ES withholdings to cover the income tax on the non-salary (pass-through) portion of my fees for the year.

I have done my quarterly Washington State tax filings.

1. Can I just create my own W-2?  Is there any advantage to paying some payroll service company to do that?

2. How does each portion (company and my own) of FICA get paid?

3. Is FUTA and State Unemployment due and how is that done?

4. I will presumably be filing a 1120-S tax return.  What other Federal (or State) Forms do I need to know about/file.

THANK YOU VERY MUCH FOR YOUR HELP!

[AmeliesUncle]

The short answer is that you should go to a good tax professional that is experienced with S-corporations.

This is really not something a first-time should be handling.  Besides the Federal W-2/W-3, there are the employer forms to pay withholding and employer FICA, Federal Unemployment, State Unemployment, other state requirements and maybe more.  And even though TurboTax claims it can help you with the corporate return, it really should be done by a tax professional, especially for a first-timer.

On another note, unless your state has an exemption for single-owner S-corporations, the Department of Labor requires more frequent payroll than annually.

[vrb-phil]

Thank you - I kinda knew that but a slap upside the head is always good!