As a part of our payroll service to you, the Watson CPA Group will consult with you to determine the optimal S Corp payroll amount. Factors that will be considered are year to date income after expenses, cash flow concerns, Accountable Plan expense reimbursements, health insurance premiums, depreciation, future purchases and what others in your industry typically earn. We also take inventory of your overall financial world and discuss taxes, business issues, retirement, insurance, liability, etc.
We want payroll to be seamless for you, and not a chore. We also want to do a better job for you in terms of planning. With that in mind, we want to project your business income, salary and cash needs for the upcoming 2018 quarters. We can easily go on autopilot for Q1 and Q2 based on 2017, tune-up in Q3 and then cleanup in Q4.
Important Dates For 2018 S Corp Payroll Processing
Cash will be drawn on or about the following dates and sent to the IRS (and state if applicable)-
- Q1, on or about March 27 2018
- Q2, on or about June 27 2018
- Q3, on or about September 27 2018
- Q4, on or about December 27 2018
Of course we will always give you advanced notice. At this time, additional estimated tax payments are not necessary since all tax obligations are being handled through payroll. This might change as your circumstances change.
Your W-2 withholdings will be grossed up to plan for your K-1 income and associated income taxes by using your previous tax returns coupled with your projected business income. This is always our goal- compartmentalize your business and help you budget for the income tax consequence throughout the year.
If you want more or less taxes withheld, please let us know. If you have major life events such as new home, new baby, marriage, divorce, changes in income, etc., please let us know so we can accommodate. The exact amounts will be on several payroll reports including your paystub which will be uploaded to your client portal shortly after payroll is completed.
Please submit the following information for your 2018 S Corp payroll events. Don’t forget to submit an Accountable Plan Expense Reimbursement form if you have personal expenses such as home office, cell phone, mileage, etc. that the company must reimburse you for.
This S Corp Payroll online submit form is also available as a fillable PDF which can be edited, saved and uploaded to your client portal. Please use the button below to download-