ambercobra25 said:Look, I totally get that there has to be some kind of employment status or insurance coverage involved, but what I'm really getting at is whether the law actually stops me from holding the director role as my main function while technically being hired under a different job title that doesn't say "director" on it, you know? Just to make it super clear, if we're looking at what she actually does and how she operates, if a small business only has one single employee, that person is essentially forced to be listed under the director position to make everything legal.
I just don't quite wrap my head around why the folks over at the other help desks were giving me such different advice than this.
What Lili is saying is spot on. The Board Member—the Director—is appointed by the company's shareholders, and you need that individual to act as the legal representative for the business. That person doesn't necessarily have to be a full-time employee; the company can hire "n" number of other people separately. If you are an actual employee of "your own" company and you have a standard employment contract, then you'll be paying your payroll taxes based on whatever amount is listed in that contract.
I’ve never had to show my ID at the IRS before. This is actually kind of funny 🤣
The first time I did it—and I haven't since—it was the exact same day a new client went active; I could have easily peeked at their PKK. Today I'm carrying two more powers of attorney, so we'll see if anything changes.
Raymond Peterson81 said:Can I ask why a specific company—one that actually owes me money—hasn't posted its 2012 revenue data on the SEC website yet?
Is this just some delay in updating their filings, or what?
If you're talking about a public filing, it’s way too early to be looking at the 2012 business data—it just isn't ready yet. Everything depends on when they file with the IRS, and that could push things out as late as June 30th.
If you bundle them under your own name, you're looking at $22 a month. But if they decide to go solo and pay individually, it jumps to $17 per person—that's $50 monthly. So, do the math and see what makes sense 🙄
As far as the specific article is concerned, yes, I had to dig through a fair amount of paperwork before I finally tracked it down, but the important thing is that I didn't miss the provision entirely. 🙂
Henry Chavez5 said:Look at Section 63, Paragraph 6!!!
That specific article was updated—but I was pointing out which section of the amendment act it falls under... you can see that change clearly in the Federal Register, issue 136.😉
Jessica Grant56 said:Hey everyone—how’s it going? To all my fellow hard workers out there: are you feeling like you're grinding away for peanuts lately? Because if you are, it honestly feels like things are either staying the same or just getting worse. It’s like we take one step forward and two steps back! (!?!?!?)
I have a question for the veterans here: if an employee goes on disability after being out on long-term medical leave, I’d really like to pay them a severance package. But honestly, I’m a little lost on how much that actually works out to once you factor in taxes and all those other deductions. Should I just stick to the base amount of $2.75? Or is there room to be a bit more generous? He’s been with the company for 10 years total.
I figured I’d ask here first, so I don't bother anyone who might not know the specifics of payroll laws...
Let me answer that for you right now—you should also include $0.50 service awards (since he hit that 10-year mark)
Just tell him that if he's going to be that way, you’ll have to start charging him for those trips to the IRS—since he's clearly the only client you're trekking over to on foot. I bet he'll rethink his attitude real quick once the bill starts piling up.
Enough with the coffee talk—let’s get down to business. I know we’ve touched on this somewhere on this forum before, specifically regarding whether small businesses that aren't actually active still have to file a tax return. The question is simple: if my LLC had zero revenue and zero expenses throughout the entire fiscal year, am I still legally required to submit a return?🤷
Henry Edwards33 said:And what’s wrong with the folks at the Social Security office? They’re free labor. 😬
Gotovan one 🙄
If you actually find a tool that works, let me know. 😍
It’s not "if" I find one—it’s "when." Once I do, you can rename this thread (pick whatever you want; "Wine & Medicine" works too), and then we’ll see what happens next 😉
Also, that "Gotovan" comment? That hits twice as hard ☕
I don't have much experience with women living off Social Security, so I can't really weigh in 😍
Jack Carter88 said:Pulling up a chair for a quick coffee break.☕
I think it’s high time we had a little discussion regarding the user portals on www.ssa.gov. Do you all actually use them, and more importantly, are they any good?
I recently helped an employee file a request for an estimated benefit calculation and started pre-filling the necessary paperwork before his retirement. Long story short, despite submitting everything digitally, he still had to trek down to the local Social Security Administration office three separate times just to hand over photocopies of his employment records. It turns out his official service history didn't match what was recorded in his physical files.
To make matters worse, the app doesn't even let you see your total accumulated years of service; it only shows you when your coverage periods started and ended.
Best regards to everyone here on the forum!
Word on the street is that those online retirement calculators are way off—they usually show a much higher number than what you’ll actually see in your bank account. If you’re someone looking at those estimates to find some peace of mind regarding your future monthly checks, you’re in for a rude awakening. We all know how meager Social Security benefits can be—unless, of course, you’ve got a massive corporate pension or a private windfall waiting for you. Honestly? Before you even bother clicking through those "estimate your savings" tools, I’d recommend grabbing a drink or some heavy-duty sedatives. You're going to need them. 😠
I’ve got the math down myself; my mother spent her entire career working at the Social Security Administration, so she drilled the fundamentals into me from day one. I tried looking for something "automated" to handle the heavy lifting—anything other than a bunch of clerks at a government office—but there just isn't 😢
When people talk about "starting a company," they usually assume you’re stepping into the role of CEO or board member—which isn't actually required. You can just be the owner and hire someone else to run the show. If you decide to act as the director without being on a different payroll setup, federal law dictates you have to cover those specific payroll taxes. For instance, you could set up an employment contract at minimum wage ($938 gross). In that scenario, your employer-side taxes would hit about 15.2%, plus the standard 20% withheld from your paycheck. Your actual income tax will fluctuate depending on whatever deductions or credits you qualify for based on where you live. And that's assuming full-time status!!!
There are a ton of moving parts here. If you start out as a sole proprietor, you're paying based on income—but if the business scales and starts hitting those high tax brackets, you can actually request a switch to a corporate tax structure in the next fiscal year. At that point, your tax rates look much more like what a standard LLC or Corporation would pay. When you make that jump from individual income to corporate taxation, you have to draw up an opening balance sheet and handle all the associated paperwork—VAT filings, adjustments, and so on. The same goes for converting a sole proprietorship into a full-blown corporation; the math changes depending on whether you were previously taxed on income or profit. There are several different scenarios regarding how much you’ll owe and how to settle the tax bill when these transitions happen. It isn't just one rulebook, either. You've got federal tax laws, state property taxes, luxury vehicle taxes, and a whole mess of other regulations to navigate. You really have to look at the big picture. As Raymond Martinez10 pointed out in earlier posts, you can't ignore the shift in legal liability—or the long-term goal of eventually selling the company. We could go in circles on this all day, but to get any actual, useful advice, you'd need to provide a lot more specific data.