How to Run 1-Time Payroll as Business Owner

If you're a solo business owner running an S-corp and haven’t paid yourself a salary yet, this episode is for you! We’re breaking down how to run a one-time payroll (salary) at the end of the year, how to incorporate your 401(k) contributions, and how to withhold additional taxes if needed.

Resources Mentioned:

• Article to solo 401k

Key Topics:

• How to Run One Payroll at the End of the Year (00:00)
• The Walkthrough Tutorial in Gusto (01:46)
• What if you Have a Solo 401(k)? (09:36)
• Taxes Element and Avoiding Underwithholding Penalties (14:28)
• Wrap-Up (16:20)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mdrnwealth.com/blog/⁠⁠⁠⁠⁠⁠⁠⁠⁠

If you need specific advice, you can contact us at [e-mail] or at: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.mdrnwealth.com⁠⁠