Peter Yang on Setting Up Payroll for a One-Person Business

RÉSUMÉ

En 30 secondes

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.

À retenir

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.

ThèmesEntrepreneurship Productivity

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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.

DIAPOSITIVE 1 / 1Payroll previewThe demonstration displays employee pay and deductions before a payroll run.

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.