Husband/wife partnership - add to payroll?
I have a husband/wife partnership and we will be hiring 2 employees. Do I need to add both my husband and myself to the payroll?
499
324
cdeUhdYX8r3QjyacfA8pyY
11/06/09 2:01pm PST
Viewed by asker 03/08/10 1:21pm PST
Viewed by asker 03/08/10 1:21pm PST
This post is closed to new replies
1 Reply
Cidmoore
Questions asked: 14
Questions answered: 469
Points earned: 1241
Questions answered: 469
Points earned: 1241
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
ProAdvisor
Members of the QuickBooks ProAdvisor Program
Certified ProAdvisor - ES
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient Enterprise Solutions experts
Certified ProAdvisor - POS
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks POS experts
11/17/09 1:25pm PST
Latest post
The solution
Depends on what tax forms you are filing for the business. If you are filing as a partnership, then no (because partners don't get payroll, they get taxed on the profits of the company as self-employed income). If you are filing a form 1120S (you made the election to be taxed as a Special Corporation), then yes, you would add yourselves to the payroll.
I suggest calling your tax advisor to get their advice as there are many issues to consider with small business owners and payroll.
Hope this helped. If so, please mark as solved. Thanks.
