Users like you can add images, links and other relevant information about this topic.
posted: Nov. 4, 2016 @ 9:08a
Click to copy code and go to .
Thanks for visiting FatWallet.com. Join for free to remove this ad.
posted: Nov. 4, 2016 @ 2:43p
When I was in that situation in Texas I had my CPA do it for me, I think he charged me a few hundred bucks a year to do the payroll reports for the state and unemployment reports, etc. They just mailed a packet quarterly of stuff to sign, checks to write, and envelopes to put in the mail.
Probably could have done it myself... but it was just easier to pay someone. I guess it really depends on how FWF you are....lol
I'd get some local CPA/Bookkeeper recommendations. Here is why:
1. No state income tax, but does have a state biz tax. You just have to file forms for $50k, but you still have deadlines and have to know what to do.
2. Sales tax - same thing, Texas has arcane and punitive sales tax rules.
3. 401k - you'll end up wanting someone to confirm that she's taking the correct amounts for the 401k... and maybe have questions on how to maximize it. (You may be better with a lower, reasonable salary, no 401k and then take distributions from an S-corp (no payroll taxes on the S-corp distributions).)
4. If you only need to do payroll for one person, it may not be worth the money and effort to learn Quick(expensive)Books. QB is expensive and the payroll portion is an additional @ $200 per year.
Unless you already know how to do all of these things - or have a desire to learn them, I'd outsource these things.
There are a number of new IRS requirements during the past couple of years that small business must comply with. One that comes to mind that may affect you is 1099 reporting requirements. A couple of resources that might be informative:
If you made or received a payment during the calendar year as a small business or self-employed (individual), you are most likely required to file an information return to the IRS. This page is applicable to specific and limited reporting requirements. For more detailed information, please see General Instructions for Certain Information Returns or specific form instructions.Do not file Copy A of information returns downloaded from the IRS website. The official printed version of the IRS form is scannable, but the online version of it, printed from the website, is not. A penalty may be imposed for filing forms that cannot be scanned....
Bank of America has free Intuit Basic payroll if you direct deposit her pay from your BoA business account to hers. Basic should be perfect for you with federal electronic payments for income tax withholding/FICA/unemployment and state workman's comp. It does not do state electronic payments, but since that is not necessary in TX, you should be good to go.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Our customer experience team is here around the clock - real people ready to assist.