In QBS-E, how do I show paying myself as the lone employee of my LLC at a lesser rate than my business takes in? Ex. My business takes in $75/hr but I pay myself $50/hr.
Quarterly taxes are due soon and I want to make sure I'm paying on the right amount. When QBSE monitors my business account, it is marking the $75 as income and $50 as spending and estimating tax on the $25 difference. I think it should be considering $50 as the taxable income?
You've got me here to provide some information about paying for lone employees in QuickBookBooks Self-Employed. Let's get this started.
In QBSE, the tax calculation will be based on how you categorize the income and expense of your business. If you're paying yourself, you'll need to add the transaction and categorize it as Owner's Withdrawal.