I assume you are taxed as a sole proprietorship? If so, you record all money taken out of the business as draws from your owner's draw equity account. You do not record the employer-equivalent portion of self-employment as a business expense - you take that deduction as a reduction of your adjusted gross income on your personal return.
I assume you are taxed as a sole proprietorship? If so, you record all money taken out of the business as draws from your owner's draw equity account. You do not record the employer-equivalent portion of self-employment as a business expense - you take that deduction as a reduction of your adjusted gross income on your personal return.
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