{"id":1929,"date":"2015-05-28T17:20:51","date_gmt":"2015-05-28T17:20:51","guid":{"rendered":"http:\/\/evergreensmallbusiness.com\/?page_id=1929"},"modified":"2019-07-11T11:56:48","modified_gmt":"2019-07-11T18:56:48","slug":"five-minute-payroll-ebook","status":"publish","type":"page","link":"https:\/\/evergreensmallbusiness.com\/ebooks\/five-minute-payroll-ebook\/","title":{"rendered":"Five Minute Payroll Monograph (2019 Edition)"},"content":{"rendered":"

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If you need to prepare payroll in a one-employee situation, such as when you\u2019re a single-employee single-shareholder S corporation, you\u2019ve got a variety of approaches available.<\/p>\n

You can, for example, select one of the popular and very competent payroll preparation services like ADP, Paychex, QuickBooks or Gusto Payroll. All these options work well for small businesses. No question.<\/p>\n

Dealing with Payroll After-the-fact<\/h2>\n

If you want to save money and time, however, you also have another option. You can, after the fact, file payroll tax returns that tell the IRS, the Social Security Administration, and any State payroll tax agencies that, yes, last quarter your firm did<\/em> do a bit of payroll and here\u2019s the money owed and the payroll tax returns required.<\/p>\n

Just to make this clear, then, rather than fiddling with payroll checks and deposits and returns every week or month you can instead \u00a0just forget about doing anything<\/em> about payroll over the quarter other than writing yourself some checks. And then you can get to the end of the quarter and say to the tax agencies, \u201cHey guys? Last quarter I paid myself $10,000. And here are the payroll tax returns I owe you.\u201d<\/p>\n

Note:<\/strong> If you write checks in excess of the stated quarterly payroll amount, that excess would be treated as a dividend, distribution or draw and so not subject to payroll taxes.<\/p>\n

Limits of After-the-fact Payroll<\/h2>\n

The only practical problem with this approach pops up due to some IRS rules about timing payroll tax deposits. With the approach described above, you can\u2019t pay shareholder-employee more than $16,000 a quarter or $64,000 for the year. The good news, though, is that that limit should affect almost no one. (Few S corporations pay or need to pay their shareholder-employees more than this amount.)<\/p>\n

Where the $20 Five-minute Payroll System Monograph Fits<\/h2>\n

The first time you use this \u201cafter-the-fact\u201d approach, however, the mechanics can seem almost too simple because you do save so much time. Which is why we\u2019ve developed a short $20 monograph that explains the process, that shows you examples of how the quarter-end and year-end forms look, and that provides nearly complete \u201cblank\u201d forms to which you can just add your name, address and employer identification number too.<\/p>\n

Note:<\/strong> The \u201cFive Minute Payroll\u201d monograph gives you detailed instructions and example forms for two single-employee payroll scenarios: One where you pay the employee $10,000 a quarter and one where you pay the employee $16,000.<\/p>\n

If you\u2019re interested, click the button below to purchase and then immediately download the 2019 version of the monograph:<\/p>\n