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General Business Discussions A place to talk about general business discussions.

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General Business Discussions

A place to talk about general business discussions.
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  #11  
Old 02-19-2011, 08:56 AM
zmower zmower is offline
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Quote:
Originally Posted by LawnMoore View Post
Does anyone know where to find how much taxes, medicare, and SS should be taken out of the pay?
If you are going to have a profit or tax liability of more than $1,000 you must pay estimated tax on a quarterly basis. http://www.irs.gov/publications/p505...ublink10007325

You actually pay and file the medicare and ss with Schedule SE at the end of the year. http://www.irs.gov/faqs/faq/0,,id=200194,00.html
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  #12  
Old 02-19-2011, 09:43 AM
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Originally Posted by LawnMoore View Post
Does anyone know where to find how much taxes, medicare, and SS should be taken out of the pay?
Try this site to figure how much to withhold from paychecks, seems like it will work for employees.

http://www.bankrate.com/calculators/...tor-taxes.aspx
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  #13  
Old 02-19-2011, 11:50 AM
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Last year I bought all my equipment with any profit from the business. This year I would like to show the reason why I do this (money), trust me I am having a blast with this business and love what I do. But if some day I plan to take this full time and quit my regular job I would like to figure out how to make some money. I do understand end of the year taxes and it’s all attached to me. But I can’t turn to the wife and say “well we get some at the end of the year”. I’m trying to figure out what to do legally. Granted the money will be in my business bank account which I own. But just to do a withdrawal once in a while is kinda weird and I never know what to punch into QuickBooks.
So then… let me rephrase the question. Fast forward two years. Let’s say I have no regular job and I am out everyday mowing lawns and my house payment is due. My business bank account has about $10,000. I have built that amount after 2 years and I am showing a profit in my QuickBooks of about $2,000 a month after expenses and my business bank account is growing… it is in the middle of July. Not doing taxes any time soon. Should I be on the payroll as an employee? Some of you say take a small salary. Is that how you pay your bills if you’re doing this full time?
Thanks for all the answers-everyone's unique take on this helps me as I figure out how to grow my business!
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  #14  
Old 02-19-2011, 12:49 PM
jvholt jvholt is offline
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Quote:
Originally Posted by Paineless Creations View Post
. Should I be on the payroll as an employee? Some of you say take a small salary. Is that how you pay your bills if you’re doing this full time?
Thanks for all the answers-everyone's unique take on this helps me as I figure out how to grow my business!
Yes, I pay my personal bills with my salary just like I have a job. House payment, wifes car, groceries, elecrtic, TV, child care, wifes phone....My business is completely separated from personal.
As far as payroll deductions I use Peach Tree accounting software it figures them for me when I do payroll. Then I pay Uncle Sam once a month on the EFTPS website and file Form 941 every quarter.

Last edited by jvholt; 02-19-2011 at 12:56 PM.
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Old 02-19-2011, 08:03 PM
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To be legal and be a "real" business, treat it like one.
Even though you are the owner of the company there is a worker....YOU.
You are the employee. Just like any other business they pay there employees by the hour or salary.

If you have not done so, do a personal budget,( mortgage, utilities, groceries, credit debt, play money, etc.) Totall that up to see what you need to cover your bills, divide by 4 and pay your self that amount every week.

If you have an accountant, ask them to give you the numbers you need to figure out what has to be set asside for SSWT, MWT, & FWT.

Keep in mind, your business and you (personally, the employee) share the responsability of the SSWT and MWT, meaning business pays half (write off) and you pay half.

I will go see if i can find the numbers that i have for my figures (keep in mind im in Florida and have no state tax) and post them up here with an example.

Hope this helps, Happy Tax Law Learning, haha
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  #16  
Old 02-20-2011, 12:54 PM
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You should always pay yourself. That being said, if you run your business out of your home you can have the business pay a percentage of your mortgage and utilities and then you pay the rest out of your pocket as you would normally. You mentioned Quickbooks... it has an area for employees to be setup and also payroll capabilities. I believe it is like $325/yr for unlimited employees and it automatically downloads your tax tables for your area. QuickBooks is a powerful and great software that will be your biggest friend, take some time to play with it and view some tutorials... you will find that it's many features are more than capable of carrying you through anything. Don't forget that the Gopher Software integrates with it as well
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  #17  
Old 02-27-2011, 09:52 PM
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My LLC cost me $152.00 and i did it myself. I googled Secetary of State of Alabama and it had the links i needed to go to print off the application. Then i took it to our county courthouse an paid for it.. $100 went to Secretary of State and the $52.00 went to the County corthouse. Thtey stamped the application and i got my LLC. Bye passed all those other charge that lawyer charge. So, google Secretary of State of your state and it may workout the same way mines did.
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