Salary for Small Business Owners: How to Pay Yourself & Which Method (Owner's Draw vs. Salary)?

Hi if i do draw money of my business account when i have to pay the medicaid and social s at thi end of the year or each months, how i have to do those payments

If you find a path with no obstacles, it probably doesn't lead anywhere ... A journey of a thousand miles begins with a single step … GOOD LUCK

This video was very timely. We have have a single-LLC and the owner has been paying himself as a w2 employee. None of the professionals we have worked with ever mentioned or explained things to us in these 3+ years as you have done in under 15min. Thank you

So much value from this video brah. Much appreciated!!!

if the business is a s corp.. and the owner is going a w2, do we deduct med, unemployment ss and all the normal deduction

What if you are a llc partnership and decide to be taxes as a s-corp entity...are you still liable to pay Medicare or SSI taxes?

im still confused haha

Hi, this is so helpful. When do you make withdrawals, as and when you need money or at a specific day of each month? And is it a bad practice to withdraw several times during the course of the month?

So I just got my LLC my ein and my duns number I’m trying to build buisness credit to where I don’t need a PG I don’t have any revenue yet what would the best way to be

Too Much visual Arts in your videos

Very nice and helpful video!Just to be be clear. When deciding to pay myself must it be after the whole year is done if I choose to get what's left of the money once all expenses are cleared?

Great Video hoping to be a great accounting

I litterly watched another video that oddly sounded the same with the info, I see your video skills.. very smart..

Useful info definitely, thanks

Thank you for this video

Your wisdom in these type of matters are extremely important! You have just helped me, with the entire operation of how you cover this issue! Please provide your contact information, so we can sign up with your organization for handling our financial & tax services!

Do you have any videos (or could you make one) where you walk through step by step the numbers and how a real life business owner would calculate from that? For example if they earned $1000 in a month, spent x amount of dollars in expenses that month … how to calculate from there how much to set aside for taxes, how to calculate how much to save for 3 months of expenses (that could be different in future months), and how much the owner would be paid? I think seeing real numbers would be so helpful to me! Your videos have already been more informative than any I’ve found for paying myself as a sole proprietor, I just would love to see a concrete example to better understand! Thank you!

Thank you very much for this video. It was very helpful and answered some questions. Can we call your office for a free consultation?

Gracias por hacerme caso como soy pobre no les importa

I own a non profit.

Thanks so much!!!!!

Just getting my business started I’m coming to join your team Asap 😃💯💯🤘🏾

What about, when you work for a company (W2) and on the side you have a LLC, how the taxes play out ? 🤔

This was perfect. Thanks :)

thank you

Is it a way that your company can help me one on one?

How do Print On Demand stores fit in here? Are we a business? Or a side hustle?

Ho much do I pay myself as an owner that will not put me in a higher tax bracket, or does that even matter?

This was so helpful & easy to understand!

Thank you for everything you have done for us. I have 3 kids(dependents) and I’m small business owner. And I’m wondering which one is best for me(1099 form or w2 form) for tax file ? Thank you.

What tools did you use to create / edit this video, if you don't mind me asking?

This is great information! I did not even consider an emergency fund for my business. And preparing to pay someone a salary who will take over managing the business if I choose that route. Great food for thought!

My goal is to create my own small online business in which I will be selling legal religious things. I know if I don't pay taxes and spading money soon or later the federal government will ask where am I getting this money from and why I haven't paid no taxes in this amount of time? Once they found out that I'm a business owner they say I own back taxes from the customers an also not paying the yearly taxes.

There is so much i don’t understand. I’m still working my full time job to so for the first two years of my business I just left everything in my businesses checking and savings so insurance, apps, business lines etc are taken care of. I’ve taken a few chunks out to pay down credit and loans for startup but I have no idea how to pay myself while actually being paid from my employer.

Great Video!! Thanks!

Hello, I am a new sub, learning a lot. I hope you can help me with this ❓❓❓❓❓. I just started my own business LLC, it won't be up and running until February first. I am thinking to make my business an S Corp.
I want to pay myself a W2 because I figure if I do, I can buy a car and house with the W2. If not I may have to get a night job which I think will be a lot.

Am I correct that I will be able to use my W2 from my business like a regular W2??????

Man, the amount of value you put in these videos is amazing. Thank you!

You mentioned earlier how a sole proprietor should pay themselves but did not give the answer, would that be as a draw? I do freelance work and don’t have a regular income and my expenses are currently more than I bring in in general as I’m practically making the money I need to build my business up. So I’m constantly investing in my business rather than being able to pay myself yet. But I still have to pay taxes on that which sucks lol

Great video

Very polished video. Clear and concise.

Great video and value. My question is about being a multi member managed LLC, selecting an S Corp tax filing. Do you still suggest the S Corp “salary”. Thank you

Thank you for the valuable info 🙏🙏🙏

Thanks

This brings up questions for me. If a LLC has employees does their pay get taxed as profit or as salaries? Time to go read some more.

I just found this channel and I’m so glad I did. It confirms a lot of things I already thought. Can you do a video on how to handle child support as a sole prop, LLC or scorp? Thanks in advance.

Thanks

Your information is so invaluable. I let the commercials play all the way through including liking and subscribing.

Again - this was great and awesome. What if You have an LLC and have paid yourself via W-2 for the past 7 months? Does it matter? This scenario is a mix of S-corporation and LLC. Thanks in advance for the answer on this.

Super helpful video, thank you!

Do you recommend having a payroll service issue your salary check and end-of-year W-2 form? Also, how does the w-2 read? I think it would like this: Company Name LLC Address City Zip and then my name in the respective boxes of the form just like any other w-2 if I was employed for another company but since I work for my own LLC then my name would not be part of the Company's name thus showing my name as the issuing w-2 form and the recipient since I am paying myself or how will it show? please comment and thank you!