S-Corp Owner Payroll
Why Use Easytrack
You receive a dedicated, payroll expert who understands your needs as an S-Corp and the needs of your CPA.
Together we form a partnership with you and your CPA or accountant to help you. We apply both DOL (Dept of Labor) and IRS regulations, which ensures proper compliance to reduce audit risks.
We work like your CPA or accountant works – with hands-on, personalized advisory services.
We know all the complexities of payroll and compliance - not only software support like other services.
We free up your time so you can work on your business, while we take care of your every payroll need, even when you may not know what all your payroll needs actually are. That’s easy, simple payroll.
We eliminate yearend and tax season payroll headaches for you and your CPA with our proactive and advisory approach. We reach out to help you and your CPA and are here for you when you need us. Your CPA has an easier and more accurate yearend and tax season.
We eliminate the frustration that occurs with other payroll services that don’t have dedicated payroll experts who understand the payroll needs of CPAs. Because we understand those payroll needs, we can properly work with your CPA to correctly process your payroll, payroll taxes, and provide the accurate information he/she needs.
You and your CPA or accountant are simply happier.
Benefits of Our Services
You and your CPA get a dedicated, experienced payroll professional you can contact by phone, Zoom, or email.
We Work with You on Every Detail:
We provide you and your CPA reports, answer your questions, and ensure correct paycheck calculations based on the wages and tax withholdings your CPA wants. We accurately make any health insurance, retirement, and other adjustments needed.
Payroll Tax Payments and Reporting:
Rest easy. We take care of all federal, state, and local tax payments, report filings and W-2s for you and your CPA.
Get started any time of year. You and/or your CPA simply provide us a few pieces of information, and we’ll do the rest. This includes, if needed, registering for state and local tax accounts as well as setting up online access with tax agencies for us to provide tax account management and monitoring.
(Payroll Done by the Book)
As an S-Corp, you are required to demonstrate proper treatment as an employee and follow employee regulations. We apply DOL and IRS regulations to ensure all employee practices and paperwork are in order, including W-4, I-9, workers’ comp waiver, a monthly or more frequent pay schedule is followed, and more.
S-Corp Payroll Made Easy
Option 1 – Hands Free Payroll, Auto-Pay:
We process your payroll on a monthly basis, automatically. This requires the same wage amount each month, an end of month pay date, and changes must be minimal and communicated well in advance of pay day.
Option 2 - Full Control Payroll:
Similar to online banking, you can adjust the pay dates and amounts of wages, bonuses, and even transfer distributions to your personal bank account. You can also easily pay your assistant’s wages (if applicable). All the while, we are monitoring compliance, processing payroll and taxes, and we are here for assistance.
You will no longer need to write checks or transfer payroll funds between your business and personal accounts. Per DOL (Dept of Labor) regulations, we ensure paychecks are processed on at least a monthly pay schedule. If it was done prior, there’s now no need for your CPA to back into numbers and create, essentially, a fake paycheck every quarter or end of year, and, in so doing, be at risk in an audit.
We send you and your CPA a yearend checklist that we review with you and your CPA to ensure everything is accounted for as we close out your payroll year. At your CPA’s direction, we make all necessary adjustments, including health insurance, retirement, personal use of company car, and anything else.
Concierge Payroll Professionals
Just $85 monthly base fee (includes federal and one state) + $8 per employee/owner per month, and a $25 annual service charge. A $15 monthly fee for local taxes (if applicable) and a $50 monthly fee for each additional state (if applicable). You'll receive a custom quote.
Setup is a one-time fee of $150 and includes registering for state and local tax accounts (if applicable) as well as setting up online access to the state and local tax agencies for us to provide account management and monitoring.
Option for you to also pay an assistant as an employee:
Add an assistant or other employees for an additional $35 monthly base fee, plus $8 per employee per month, and no setup fee. We handle all the added complexity of payroll regulations this brings such as new hire paperwork, potential sick leave, retirement, and other requirements. Additional options (i.e., time tracking) are billed separately.
How an S-Corp Works
Having a W-2 paycheck, rather than only self-employment income, helps with getting loans, refinancing your mortgage, increasing your credit card limit, etc.
Huge Tax Savings:
With NO S-Corp, besides federal and state income tax, you also pay 15.3% self-employment tax (FICA tax) on ALL your net taxable income.
With an S-Corp, you only pay 15.3% FICA tax on your officer wages and NO FICA tax on your net taxable income after officer wages.
Depending upon your particular situation, that is a savings of $1530 for every $10,000 of net taxable income you make. For example, a taxable net income of $40,000 would be a savings of $6120. Not bad.
Example of How the Numbers Work:
$100,000 Net Taxable Income before Officer Wages expense
- $60,000 Officer Wages
= $40,000 Net Taxable Income
15.3% (excluded FICA tax) x $40,000 = $6120 in tax savings