Solutions Self Employed Solutions for Self-employed & Sole Proprietorships There are many benefits of a retirement plan for workers and business owners. When you’re self-employed you fill both of these categories, which means you could have significant 401(k) savings potential. Let Paychex Solo* help you make the most of being self-employed by making it easier to save for retirement and minimize taxes. Get a Free Quote Maximize 401(k) savings as both employer and employee In 2020, you can set aside up to $57,000 (limit is the total an employee can receive from all contributions, employee and employer contributions), plus a $6,500 catch-up contribution if you’re over 50. Save on Taxes with Payroll Services Reduce tax liability through deductible contributions and S-corp savings. Establish and Protect your Business Startup and incorporation services help protect your personal and business assets. Get Trusted Service and Support 401(k) administrators and recordkeepers can help establish, customize, and manage your plan. Prepare Now for the Years Ahead In uncertain times, give yourself a secure retirement savings vehicle. Prepare for your future by getting started with Paychex Solo. Contact us today Incorporation and Startup Services Paychex Solo includes your choice of two filings of any of the following services through our partner, MyCorporation®: State IDs Business licenses (DBA or city business license) Corporate formations Federal tax IDs Incorporate Your Business Self-employed 401(k) Services: the earlier you start, the more you could save The greatest advantage of Paychex Solo for owner-only businesses is that you can make significant 401(k) contributions as both employer and employee — making the most of your retirement contribution and tax breaks on business deductions. Maximize 401(k) Savings Potential Integrated Payroll Services Integrating your 401(k) with payroll services means your solo 401(k) contributions are withdrawn on a pre-tax basis, allowing you to build your retirement savings while saving on federal and state taxes. If you ever decide to hire employees, Paychex services can scale with your business. Learn More About 401(k) + Payroll Payroll and Tax Savings Paychex Solo helps you save on self-employment taxes by making it easy to pay yourself a salary and establish your business as an S-corporation. Tax benefits of becoming an S-corp: Taxes are taken directly from your paycheck, making them easier to manage Deduct your salary to reduce your taxable income You don’t have to pay Federal Insurance Contributions Act (FICA) taxes on income earned beyond your reasonable salary amount, which may be a significant savings Simplify Your Business Taxes Self-employed Retirement and Payroll FAQ How do I set up self-employment payroll? How do I set up self-employment payroll? Paychex Solo can provide you with a simple, efficient way to pay yourself wages as an employee of your own business when you’re incorporated as an LLC or S-corp. This includes options for direct deposit and helping file IRS Forms W-4 and W-2. What is the self-employment tax? What is the self-employment tax? How much are payroll taxes for self-employed business owners and how do I calculate them? How much are payroll taxes for self-employed business owners and how do I calculate them? Are there self-employment tax deductions? Are there self-employment tax deductions? What is a solo 401(k)? What is a solo 401(k)? How much can I contribute with a solo 401(k)? How much can I contribute with a solo 401(k)? Who does a solo 401(k) cover? Who does a solo 401(k) cover? Who is eligible for solo 401(k), payroll, and incorporation services as part of Paychex Solo? Who is eligible for solo 401(k), payroll, and incorporation services as part of Paychex Solo? Do I need an EIN to set up a solo 401(k) and payroll? Do I need an EIN to set up a solo 401(k) and payroll? Can I have a solo 401(k) if I have employees? Can I have a solo 401(k) if I have employees? Can a Form 1099 independent contractor benefit from the solo 401(k) in Paychex Solo? Can a Form 1099 independent contractor benefit from the solo 401(k) in Paychex Solo? Recommended for You Management What is Cyber Security and What Does it Mean for Your Business? Human Resources Taking Flexible Schedules Into the Future COVID-19 Ohio Programs Aimed at Providing Grants for Small Businesses Join Our 700,000+ Customers and Get Help Managing HR, Payroll, and Benefits Request Pricing Find Your Solution Signing of Infrastructure Investment and Jobs Act into law changes end date of ERTC program retroactively to Sept. 30, 2021 Check Out Our ERTC Service Our Services Payroll Services Time & Attendance HR Services Employee Benefits Services Business Insurance Solutions Payment Processing Solutions Resources Knowledge Center Coronavirus Help Center Small Business Watch About Paychex About Us Careers The Power of Paychex Locations Newsroom Investor Relations Corporate Responsibility Contact Us Contact Sales Support Options Login Information Login Trouble logging in? How to reset credentials Follow Us Privacy Security Trademarks & Disclaimers Legal Sitemap © 2021 Paychex Inc. All Rights Reserved. *Paychex Solo is only available for business owners and their spouse.