I always thought pay roll has to be either weekly or bi monthly or monthly as that how most people are paid.
I recently found out there are no such rules how often pay roll has to be in any given year. Is this true?
Single member LLC or if you own business, you can pay yourself once a year (yearly paycheck) and if a very profitable year then give yourself bonus such as with a paycheck of $154000 you can contribute $19000 for regular 401 k plus another $38500 (25% of $154000 is $38500 profit sharing) in 401k assuming your business can support these amounts.
I am looking in description TurboTax home can generate W2s. If I establish a business LLC with S corp status this year. Do you I need to buy 2021 TT home edition to generate W2s or earlier version can do that for 2021 taxes.
W2.
What does generating W2s involve? Copy for you and Copy for IRS? Is it paper copy or electronic copy or either?
What kind of software or service would I need to establish yearly paycheck? Can TT tax software do that or quicken perhaps or some other.
Costco offer some services (not sure if Payroll is one of them) so not sure which is most cost effective and efficient for single member small business owners?
