5 ms·
If you are self employed and no employees how does the payroll section work? For example, I don't have a fixed payroll. I am setup as a single member LLC (disr
by nodesocket 6y ago
If you are self employed and no employees how does the payroll section work?
For example, I don't have a fixed payroll. I am setup as a single member LLC (disregarded-entity) and just transfer money from the business checking into my personal checking when appropriate. No formal payroll solution.
- hartator 6y agoYes, I wonder the sane thing.
- tcas 6y agoFrom my reading of the interim rules, it's based on your 2019 Schedule C Line 31 (Total Profit and Loss), capped at 100k. For forgiveness it's: ($100,000 / 52 weeks) * 8 weeks = $15,384. The rules and new clarifications seem to change every week, I'd consult a CPA before assuming anything.
- danalt 6y agoit's 10 weeks (2.5 months) not 8. Therefore: ($100,000 / 52 weeks) * 10 weeks = $19,230.