Hi good morning. I just started an ATM business and I would like to know how much do I put aside for taxes from my profit and also pay myself ?
I would consult your CPA for your specific situation, but we have to set aside our Estimated Tax for any profit the company company makes (we are a pass through entity) plus our payroll taxes from our regular paycheck.
It may make it easier for you to pay your regular paycheck using a payroll service like Gusto (preferred) or QB Payroll, so they can correctly withhold and deposit your payroll taxes. Then save and deposit separately the Estimated Tax payment based on your companies profit directly. You would have to consult with your CPA to determine how much this would be.