I have a business where I am an LLC treated as a S Corp for taxes. I pay myself 50% salary, Other 50% is distribution. I am the only employee and I am the owner.
Quick Employer Forms (QEF) in TurboTax does the W2 and W3 which can then be mailed in.
It is due January 31, 2024 for tax year 2023
It auto calculates Federal FICA 7.65% for employee withholding.
1. Where is the 7.65% that the S Corp employer has to pay?
2. How do you send this 15.3% in? Do you pay it in the envelope you mail to Wikes Barre when you submit w2 & w3 by January 31? 940? 941?
3. How do you pay FUTA? 940? 941?
4. I left Federal Withholding blank since this is my first year as an S Corp and the salary is a year end bonus. Is that ok?
5. Idaho state tax (SUTA). I need an Idaho Tax ID
This site:
https://www.irs-taxid-number.com/tax-id-ein/idaho/
wants me to pay $250
This site:
https://www2.labor.idaho.gov/IBRS/Account/CreateAccount
had me create a registration that now says I need a permit for Withholding tax and Unemployment Insurance Tax for my employees.
What is the proper way to get an Idaho tax ID to pay Idaho SUTA for myself as owner?
Thanks,
Dave
