Hello Linda, LLC as S-corp payroll question
I set up a LLC at the start of 2007 and elected to have it taxed as an S-corp.
I am the sole member and I provide consulting services.
I have taken only $15000.00 from the business as a draw in 2007 but did not treat it as payroll. I had no other earnings but used other personal investments for income (that I will show on Sch D of my 1040).
Do I have to go through all of the payroll witholding taxes and forms for Federal and State (CA) for this amount or is there an easier way to deal with it?
Thanks very much for your help, Roger