I am the sole owner and sole employee of a S-Corp. Rather than using Quickbooks Payroll or TimeTrex, which cost money, can't I calculate them myself by multiplying my gross income for the pay period (minus 401k contributions) by the current rates for social security (0.124) and Medicare (0.029) and my federal income tax (20% in my case)? Other than state and federal unemployment taxes, am I missing anything or mistaken? I'm in Florida so I don't have to pay state income tax.
And don't forget the employer part of the payroll tax. Oh looks like you included it.
SS for employer 6.2% (up to 160,200 wages & profit)
SS for employee 6.2% (up to 160,200 wages & profit)
Medicare for employer 1.45% (on all wages & profit, no max)
Medicare for employee 1.45% (on all wages & profit, no max)
You can use Turbo Tax to prepare the W2. You can prepare W2s and 1099s by starting a new return, go to FILE - NEW TAX RETURN
On the Work on a Tax Return screen or Welcome to TurboTax screen , scroll down to the bottom and click the blue Prepare W-2/1099 button.
On the next screen, Choose where to prepare your forms, click the Online or Desktop option. You can efile it to the IRS if you use the Online Quick Employer Forms option.
Are you asking about 2023 or for 2024? The W2 were due by Jan 31.
also involved is filing the quarterly 941s,
year end 940, w-2, w-3
you also will need to set up an account with the iRS to make tax deposits
You are not to subtract your 401(k) contributions when figuring Social Security and Medicare taxes. 401(k) elective deferrals do not reduce the amount that is subject to these taxes.
And don't forget the employer part of the payroll tax. Oh looks like you included it.
SS for employer 6.2% (up to 160,200 wages & profit)
SS for employee 6.2% (up to 160,200 wages & profit)
Medicare for employer 1.45% (on all wages & profit, no max)
Medicare for employee 1.45% (on all wages & profit, no max)
You can use Turbo Tax to prepare the W2. You can prepare W2s and 1099s by starting a new return, go to FILE - NEW TAX RETURN
On the Work on a Tax Return screen or Welcome to TurboTax screen , scroll down to the bottom and click the blue Prepare W-2/1099 button.
On the next screen, Choose where to prepare your forms, click the Online or Desktop option. You can efile it to the IRS if you use the Online Quick Employer Forms option.
Are you asking about 2023 or for 2024? The W2 were due by Jan 31.