Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
If you are working for the corporation, you have no choice but to be a W-2 employee
You are an employee, not a contractor
You will have to file form W-2 each year for yourself, and form 940 and 941 for your business
If you are not up to date on payroll laws and regulations, I would suggest hiring a local accountant to help you with this. For one employee they should be super cheap.
Thanks. So 940 and 941 are federal forms? I assume I'll have to pay the standard payroll taxes as well?
Yes, you will pay the payroll taxes, that's where the 940 and 941 come in to play
That's the returns that you pay the payroll taxes with
Ok, thanks. I should definitely look to hire a local accountant as you recommend.
It should be reasonable
Maybe a couple hundred bucks a quarter
Ok, great, thanks, Megan. Can you recommend a method to locate a local accountant?
Is there a website or 1-800-accountant or the such?
You can go to your local state board of accountancy website and do a search
or just word of mouth
Cool. Ok, I'll likely hit the local state board then. Thanks, again.