In 30 seconds
Peter Yang says placing himself on payroll after converting his one-person business to an S corporation involved tax registrations, government websites and compliance filings. In this paid partnership with Mercury, he describes its payroll product: the company handles state-tax registration paperwork, shows pay and taxes before a run, and checks the account balance for potential shortfalls. He says he would consider it when making his first full-time hire.
- 1Moving to an S corporation led Yang to put himself on payrollHe says his accountant recommended the change after he began working full-time on his business and paying contractors.
- 2Tax registrations and compliance filings required manual workYang describes navigating government websites and managing payroll paperwork as the difficult part of setup.
- 3The sponsored product combines payroll and a business accountYang says Mercury handles state-tax registration paperwork and previews employee pay, taxes and possible balance shortfalls.
Takeaways
- Yang found that setting up payroll involved tax registration and compliance paperwork.
- The product preview shows pay and taxes before a payroll run.
- Mercury says its payroll service checks the available balance and flags potential shortfalls.
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The paperwork behind payroll setup
Yang describes changing his business structure and the work involved in putting himself on payroll.
I have run my one-person business using Mercury for over a year, and this video is a paid partnership with the company. After going full-time, I began paying contractors such as a video editor and designer through the service.
My accountant recommended converting the business to an S corporation, which meant placing myself on payroll. Setting it up involved registering tax accounts, navigating government websites and tracking compliance filings manually. I would rather spend that time running the business and making content.
A sponsored payroll product preview
In a paid partnership, he describes Mercury Payroll’s registration assistance and balance checks.
Mercury Payroll runs inside the same account as the business funds, and Mercury’s team handles state-tax registration paperwork. Its preview shows employee pay and taxes before a run and checks the available balance for potential shortfalls. I would consider it when hiring his first full-time employee.
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