How to Set Up Payroll for your S Corp 2024 (Step-By-Step Guide)

In today's video, I go over how to set up payroll for your S Corporation using the software platform called Gusto. Setting up payroll for an S Corporation is crucial to running your business if you have any employees, as well as the tax benefits that you get from having yourself as an employee.

Get a reasonable compensation report for your S Corp from RCReports:

Check out Gusto here (get 2 months free with our exclusive link):

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🖥️ Best AI website builder ($3/month using code STARTUPWISE):
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💰 Payroll with Gusto (get 2 months free!):
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Be sure to watch until the end of the video because I'll share with you a step by step guide on how you can set up payroll for your business using Gusto. Gusto is an online platform that allows small business owners to automate and streamline their HR processes, including payroll processing, tax filings, and employee benefits administration. I highly recommend paying for a software like Gusto to do your payroll for you, because as the business owner, you're ultimately going to get the highest ROI of your time from running and growing the business instead of worrying about running payroll and doing taxes manually.

Running payroll for yourself if you're a one-person S corp allows you to save thousands of dollars per year in taxes, and if you want to learn more about how that works, be sure to check out our other videos on business entities and formation:

Business Formation Playlist:

The Difference Between LLCs and S Corps (Pros and Cons):

How to Elect Your LLC To Be Taxed As an S Corporation (Fast):

How To Create Employee Dashboards on ClickUp (Step by Step Tutorial):

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More tutorials on our website:

Thanks for watching! I hope you have a wonderful day!

-Charlie

#Business #Payroll #SCorp

Timeline:
0:00 - Intro
0:49 - Things You Need Beforehand
1:42 - Gusto Sign Up
2:08 - Payroll Setup Process
6:04 - Final Thoughts
6:29 - Conclusion

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[StartupWise]

Hope you guys enjoy the video and get a ton of value from this video!
Setup your payroll with Gusto here and get a $100 Gift Card:

Our favorite business must-haves:
💳 Best business credit cards:
🏦 Novo (best business bank):
🖥 Best AI website builder ($3/month using code STARTUPWISE):
⚙ Northwest (best $39 LLC formation service):
💰 Payroll with Gusto (get 2 months free!):
👨💼 Best overseas staffing agency (save 80% on payroll):

[hendrixhein]

Thank you for this step-by-step tutorial, Charlie! Looks like Gusto is easy to use and pricing is not bad to run payroll

[NicoleEthridge-cq]

Would you start payroll after applying for SCORP and waiting for approval?

[gstoner]

Single owner S-Corp. How to set up the REasonable Salary for all the Income that comes in? The only options I saw were pure Salary, Hourly or the standard stuff. Nothing like "30% of all income" goes to my payroll. The rest would be "Distribution" income. I don't see any option in Gusto for anything like that.