I own a business, self employed. I want to pay myself weekly and withhold

[tjsuszka]

taxes. How do I do this.? I have quickbooks and a business account with business checks. I am the sole owner and no one works for me. I want to do this so it is easier to get loans and so on versus being self employed. I want to know what forms I need to file? Do I need to file a tax return as an individual and as a an employer?
As the employer, do I have to match the withheld social security amount or not?

I want to do this correctly. I am beginning to think it is not worth the hassle.

Any advice?
First post: This is what I have been doing. This is not what I am asking at all.

I want to know how to legally withhold the proper taxes so I am no longer considered self employed when I apply for loans and mortgages.

I have been using 1099's and Schedule C's, then just filing once per year and paying my self employment tax at that time.

I do not want to do that anymore!

I am running into problems with getting a mortgage. My credit score is where it needs to be. But the way I have been doing taxes, I need to go stated income for a mortgage and need to have 5% down. Not to mention i need to pay a higher interest rate for going stated income.

With my score, if I could go full documentation, I could get a much better rate and more than likely not have to come up with any money for a down payment.

Please advise.

[SuperCactus]

To pay yourself a salary and withhold taxes you must form a company like an LLC. As a sole proprietor, if you have an income, you would pay self employment (Form SE) tax quarterly. You file an IRS Schedule C to declare business income or loss. Any tax preparer can explain this to you.

[xena]

You can pay estimated taxes quarterly. Since you do not have employees, I wouldn't bother with filing a 941. You will file a schedule C with your 1040. You will also have to file a schedule SE, which is self employment taxes on your profits. You will pay 15.3% of your profits as opposed to 7.65% as an employee, because you are the employer. Usually, the employer pays 7.65% and the employee pays 7.65%. But on the front of your 1040, you can write half of your SE taxes off.