Many new business owners wonder “how do I actually pay myself when I’m the boss?”
There is so much to learn about running a business. Not just how to do things like hire an employee or file taxes, but what’s actually required of you by law.
If you’re like me, you have probably lived most of your life as NOT a business owner and you probably didn’t start educating yourself or even paying attention to the ins and outs of business until you needed to.
So if you are you’re own boss, can you just write yourself a check on payday? Or is there more to it?
In today’s Cash Clarity episode, I go over how to start paying yourself in 4 easy steps and what you need to know to stay out of trouble.
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Links mentioned in this episode:
- Gusto* – use this link to sign up and receive a $100 Amazon gift card when you run your first payroll.
- Publication 535 (Reasonable Salary)
- Labor Force Statistics (Earnings)
- State Payday Requirements
*This is an affiliate link, I will earn a small commission if you sign up and run a payroll. But that’s not why I recommend it, I recommend it because I use this software and LOVE it. Please consider using my link if you decide to sign up.