How do you pay yourself ?

[Hoody]

How do you O/O's pay yourself ? Take a draw, 1099 yourself, have a payroll company and pay yourself an hourly or commission(w-2) ?

And for the guys that have employees, do you still pay yourself the same way when you first started, or did you switch and why?

 

[Chris A]

A combo of taking a draw/ modest salary. The salary goes through a payroll company which keeps me semi-caught up on taxes.

 

[Derek]

i am not the best business person in many areas. i say that as a precursor to how stupid this might sound or be lol.

we get the client's check in the mail, it goes into our checking account, we write checks to pay for stuff.

what other ways are there?

 

[Hoody]

A combo of taking a draw/ modest salary. The salary goes through a payroll company which keeps me semi-caught up on taxes.

Do you guys do the same with Steph, and consider her an employee of the company, or do you both do the same ?

 

[Bruce Humphrey]

At the end of every week I take a draw , cutting a check to my self then it gets deposited into my personal account.

You can do it like Derek , at the end of the month when doing your books everything that was personal still gets logged as a draw.

My accountant advised us to only write one check to ME and not my wife , says it would work much better to our advantage when tax time.

 

[bensurdi]

I know that I am going to be doing it differently than I did for 2011! I have to write a check for 34K to the IRS that I really would to have loved prorating over the course of a year... but I guess thats the learning experience!

 

[dealtimeman]

I get bonuses all the time! :mrgreen:

 

[Chris A]

A combo of taking a draw/ modest salary. The salary goes through a payroll company which keeps me semi-caught up on taxes.

Do you guys do the same with Steph, and consider her an employee of the company, or do you both do the same ?

She's going on payroll jan 1, up til now its just been my tech and I drawing checks. We do some stuff as a corp. for taxes that our cpa says saves us money but that's out of my area of expertise.

 

[hogjowl]

I'm incorporated, so I pay myself as I would any other employee.

 

[PCCN]

PAY?! What is that?

 

[Jim Martin]

Tia writes me a check.......and she has a rubber stamp with my signature..stamps my signature on the check and then god knows what she does with it......I probably don't want to know.....

 

[Mike Draper]

I'm going to get another accountant. I've got money pouring out of my pants pockets. My quarterly check to the IRS is usually about $13,750.00. hey Marty, blow me. I might build a few more trucks for my fleet this winter just to delay the taxes burden.

 

[steve frasier]

monthly pay, same every month then quarterly profit check that is taxed different

 

[Lee Stockwell]

I pay myself 2liter bottles of Mountain Dew.

 

[J Scott W]

In the early years I took a draw. Paid taxes to IRS quarterly.

Later we became an S Corp. Then got a salary paid twice per month as did all our employees. Profit at the end of the year was taxed differently than payroll. Still had to pay income tax but no FICA/ Soc. Sec/ Medicare taxes on the corporate profit.

 

[sam miller]

In the early years I took a draw. Paid taxes to IRS quarterly.

Later we became an S Corp. Then got a salary paid twice per month as did all our employees. Profit at the end of the year was taxed differently than payroll. Still had to pay income tax but no FICA/ Soc. Sec/ Medicare taxes on the corporate profit.

Went to that 2 years ago saved a bunch! S corp baby!

 

[davegillfishing]

S corp here too. Pay myself every 2weeks and. Acct has my est tax burden figured out so I just pay it with the eftps thing weekly with employee taxes. Makes it lots e asker than cracking that nut quarterly. Wife handles that side of business with accountant and I hate the every 6 month meeting to go over things.

 

[Ron Werner]

we're supposed to get paid???

 

[sam miller]

we're supposed to get paid???

Oh Snap!