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ShanaNiederman
Level 6

As a person who works for yourself, how do you get paid?

 
8 Comments 8
ShanaNiederman
Level 6

As a person who works for yourself, how do you get paid?

I'll answer my own question first! All of my payments are deposited into my business bank account. From there, I write myself a check (a real, paper check!) and deposit that into my personal bank account. It feels kind of old-school but it also works. I make sure to keep enough to pay quarterly taxes in my business banking so that deadlines don't sneak up on me. I'd love to know more about what you all do! 

jessbru99568
Level 7

As a person who works for yourself, how do you get paid?

Everything for business and personal is seperate with us. We are paid after employees, bills, and other expenses are paid. For the most part we have a set draw that is for our family every week, but all depends. 

Adam_Fenner
Level 5

As a person who works for yourself, how do you get paid?

I'm still growing my firm, but I'm purposely incorporating so that my salary can be a deductible expense for the corporation (still taxable for me as an individual).

 

I've seen other C Corps that consider themselves as an independent contractor and pay themselves out when they have available funds. 

lynda
Community Champion

As a person who works for yourself, how do you get paid?

I  pay myself a salary monyhly.  Direct deposit.  I use QBO Full Service payroll.  Love that!

Raywhite28
Level 7

As a person who works for yourself, how do you get paid?

LLC run as a sole proprietor. No payroll, whew. Just take draws. Transfer from business to personal account. No checks. 

 

Actually, leave the minimum requirement in the bank to avoid service fees.

kuperconsulting
Level 1

As a person who works for yourself, how do you get paid?

I deposit all of the revenue into the business and pay myself a set amount each month.  I do make sure to keep 50% of revenue in my business savings account to pay for taxes.  It is overkill but keeps me from surprises.

 

I am a LLC..



tfwilson
Level 2

As a person who works for yourself, how do you get paid?

I have 2 QB accounts...one for my husband who is a real estate appraiser and one for me, a realtor.  I run payroll weekly for my husband and print a check stub so he feels like he is gettig paid.  After running the payroll, I set up an online transfer from his business checking account to our personal checking acoount for his pay.  I do the same thing for me every 2 weeks but I do not print a check stub for myself.  It's pretty easy but one day I may investigate how the auto deposit works.  

ShanaNiederman
Level 6

As a person who works for yourself, how do you get paid?

I hear you @kuperconsulting -- it's better to save more in order to keep potential end-of-year/quarterly keep surprises at bay.

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