My apologies for not getting back to you more quickly than this.
It is not my practice to step away after initially answering a question without waiting for any follow-up questions that may come.
I was called away on a personal
The original answer stands, however, you do not have to set up a periodic payroll, especially given the sporadic nature of your income/profits as you mention.
You can always wait until the end of the year, especially of you are unsure of profitability. Some would advise so.
Further, I won't address your structure as you have said that it has already been established (other than to be sure that the answer applies to the structure you have established, as we have done here).
Additionally, the 940 form
mentioned above, covers a calendar year, and is due by January of the following year (february, if you have already paid your FUTA
taxes for the year). However, if your FUTA tax is more than $500 for the calendar year, you must deposit at least one quarterly payment (see http://www.irs.gov/pub/irs-pdf/i940.pdf page 3). If your FUTA tax is not $500 or more, you can continue carrying the tax liability
throughout the year until your cumulative tax is more than $500. At than point you must deposit your FUTA tax for the quarter.
Here's a copy of Form 940: http://www.irs.gov/pub/irs-pdf/f940.pdf
And, again, the INSTRUCTIONS for form 940 are in the paragraph above.
So, finally, the form 940 provided above is for FUTA (Federal Unemployment Taxes) Next, I'll deal with the form 941, the employers quarterly tax return
The withholding required for employers is to do so each time wages are paid You must withhold — or take out of employees' paychecks — certain amounts for federal income
tax, social security tax
, and Medicare
tax. Under the withholding system, taxes withheld from employees are credited to employees in payment of their tax liabilities.
Here are the INSTRUCTIONS for form 941: http://www.irs.gov/pub/irs-pdf/i941.pdf
You file the 941 for the quarter in which you first paid wages subject to social security and medicare taxes or subject to federal income tax withholding.
Finally, to answer your original question, as you can see from the paragraphs above, the requirements for when these payments (940 and 941) depend on your profitability.
Depending on how often you pay yourself, you may very well not have to file and pay (either form) until the end of the year.
... hope this helps to clarify.
Don't hesitate to come back here of you need further clarification.