Navigating Payroll Taxes for Small Businesses in Oklahoma City and nearby communities
Payroll processing is fraught with regulatory traps. Failing to properly calculate and deposit payroll taxes can destroy a business through the Trust Fund Recovery Penalty (TFRP).
Federal Withholdings
Employers must match Social Security and Medicare taxes (FICA). You are effectively acting as a fiduciary holding these funds for the government. Never dip into payroll tax reserves to fund operations.
Oklahoma Unemployment Tax
Oklahoma employers may need to report wages and pay unemployment contributions through the Oklahoma Employment Security Commission. We help coordinate required federal and state payroll filings.
Outsource Your Payroll
Eliminate catastrophic payroll liability by letting our CPAs handle it.
Learn MoreWritten by Financial Strategy Team
Stingley CPA - Oklahoma-based Certified Public Accountants
Frequently Asked Questions
What is the Trust Fund Recovery Penalty?
The TFRP is a severe IRS penalty assessed against business owners personally when they fail to remit withheld employee payroll taxes (like FICA) to the government.
What is SUTA in Oklahoma?
SUTA refers to state unemployment taxes. In Oklahoma, covered employers report wages and pay unemployment contributions through the Oklahoma Employment Security Commission. Rates depend on the employer's account and experience rating.
Do I have to pay payroll taxes on myself if I own an LLC?
If you are a single-member LLC, you pay self-employment taxes on net profit instead of running traditional W-2 payroll. However, if you elect S-Corp status, you MUST run a W-2 payroll for yourself.