Sample Federal Payroll Calculations

ATTENTION S CORPORATIONS:
The IRS has mandated that you draw a reasonable salary from your business. Please find
below some sample calculations. A good rule of thumb is to draw between 30% - 40% of
your 1099 income as a wage. Note that the figures below are samples. They will change
for each state and for the number of exemptions an individual claims. Our firm can
prepare your payroll and take care of your payroll reports. Our fees are listed on the main
fee page. Your other alternative is to purchase a program such as Checkmark Payroll and
calculate your own payroll. Please make sure that you file your quarterly payroll reports
and PAY the amounts owed to the IRS.
SAMPLE PAYROLL CALCULATIONS
These figures are figured on a Monthly payroll distribution.
For Individuals claiming Married and 0 exemptions
Salary of $20,000.00
Your monthly check looks like this:
Income Taxes withheld
Salary $2083.33
Federal $150.42
Social Security $129.17
Medicare $30.21
Net check that you write to yourself is $1773.53
Your calculation for your 941 payroll tax deposit to the IRS is
$309.80(the taxes withheld from your wages) PLUS $159.38 (the employer portion of the
payroll taxes). Your total 941 payment due is $469.18. Take a business check and tax
deposit coupon to the bank and make this payment.
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