topic Re: S corp Form 941 in Get your taxes done using TurboTax

S corp Form 941

wafflecake — Mon, 09 Mar 2026 15:22:56 GMT

Single member llc with s corp election and only one employee (myself)

Do I pay payroll taxes and tax withholding for form 941 with the s-corp business bank account or my personal account? (I would think these are paid by the LLC bank) And would these be paid using EFTPS with my ein or the eftps with my SSN?

What about estimated tax payments 1040es? (I would think these are paid by my personal bank) And would these be paid using EFTPS with my ein or the eftps with my SSN?

When planning personal estimated tax due, I see I can safe harbor by paying at least 110% of taxes due last year. Does either of the fica portions (employer fica 7.65% and employee fica 7.65%) of taxes paid on my waged salary count towards this threshhold, or just the income tax withholding?

Re: S corp Form 941

Mike9241 — Sat, 02 Apr 2022 03:14:45 GMT

pay payroll taxes and tax withholding for form 941 with the s-corp business bank account. these are paid by using EFTPS with the S-corp ein

estimated tax payments 1040es are paid using personal bank they can be paid either using EFTPS with your SSN (separate registration is required) or using theiRS Direct Pay again using your SSN

https://www.irs.gov/payments

When planning personal estimated tax due, I see I can safe harbor by paying at least 110% of taxes due last year. YES (rules 90% of 2022 tax. or 100% 2021 tax. the 100% increases to 110% if your adjusted gross income for 2021 was $150K or more

Does either of the fica portions (employer fica 7.65% and employee fica 7.65%) of taxes paid on my waged salary count towards this threshhold, or just the income tax withholding?

these are paid through the S-corp as a deduction from your salary for 1/2 and the S_corp bears the cost of the other half. these do not count toward the goal. any federal income tax withholding would count towards meeting the % goal. so if 110% is $150K and federal income tax withholding is $100K estimates would be $50K in total.

some things you may be overlooking. 1) Unemployment compensation taxes. you may need to register with the state for these. forms would normally be due by the end of the month following the quarter-end. usually, you have to file even if you have no taxable payroll that quarter 2) state income tax withholding if your state has an income tax. 3) IRS form 940 the Federal UC form 4) workmen's compensation insurance. you are an employee and most states require that a business carry such insurance for all employees including shareholder/owners. failure can result in substantial penalties, talk to your insurance agent.

Re: S corp Form 941

wafflecake — Sat, 02 Apr 2022 14:56:36 GMT

Thank you very much for taking the time to answer my questions! I hope you have a wonderful weekend 🙂 And I'll make an extra effort to be helpful and generous to others this weekend to pass on your generosity. Cheers!