Working Poor

discntnt_irny_srcsm

(18,669 posts)

10. I really don't want to give you bad advice

Sun Dec 6, 2015, 09:10 PM

Dec 2015

The best idea is to check with an accountant.
My recollection is that anything earned as wages is subject to the 15.3%.
When I paid myself and family members from my S corp I used the online payroll feature from my bank. There is apparently some break point where you need to file the withholdings monthly as opposed to quarterly. I never new what made the difference or how much or if it had to do with how many employees were paid on the payroll. I think the form # was 940 or 941.

Sorry I'm not more help.
Good luck.

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I used to be 'working poor' [View all] left-of-center2012 Dec 2015 OP

I'm still poor, but just started working again as a 1099 type, not an employee. Erich Bloodaxe BSN Dec 2015 #1

FYI discntnt_irny_srcsm Dec 2015 #2

I agree with everything but the last part Travis_0004 Dec 2015 #3

Thanks, I defer to professional advice discntnt_irny_srcsm Dec 2015 #5

I'm not the retired one here, so no, I'm not collecting SS yet. Erich Bloodaxe BSN Dec 2015 #6

Aside from the SS and medicare... discntnt_irny_srcsm Dec 2015 #7

That was the part I wasn't sure about. Erich Bloodaxe BSN Dec 2015 #8

I really don't want to give you bad advice discntnt_irny_srcsm Dec 2015 #10

You've actually been very good help. Erich Bloodaxe BSN Dec 2015 #11

You're welcome discntnt_irny_srcsm Dec 2015 #12

Welcome to the group Melurkyoulongtime Dec 2015 #4

welcome to the group w0nderer Dec 2015 #9

Thanks for the welcome left-of-center2012 Dec 2015 #13