I’m trying to see how everyone else is paying themselves to get more knowledge of the best way to set up my pay. I am a business major so I know that we can get paid by draws, w2, dividends and other ways but I want to see what some of you are paying yourself and how as far as if you are w2 employees. Thanks for any feedback and advice that I get in advance.
My accountant direct deposits a check for me every Tuesday, along with paychecks for the guys. I can take a dividend check whenever I want but haven’t in a few years. Taxes come out of my check just like I was an employee
Same as IBS. Just a tad different.
LLC taxed as S-corp here. Still under 3 years old so I leave as much money in business as possible. Reduced my personal expenses to $1100/month when I first started and haven’t changed them except by $60/month so I could have someone else mow my lawn.
I get $1160 after taxes once per month. Pay all my bills then. Occasionally take small dividends. Mostly during hunting season.
I can tell you doing have 3 teenage boys, dogs and rabbits lol. I swear, I think we spend a grand a month in milk
I hear ya. After my daughter went to college and my son left for the Air Force, we bought 3 less gallons of milk per week and our grocery bill went to nill. I used to get a whole hog and half a beef every year,now a quarter beef lasts more than a year.Haven’t bought a hog in 2 years.
This is a pain point for me in terms of growth. Before starting my business, I did government work so that obviously pays well, plus my wife worked, so we did pretty well for ourselves. We didn’t live lavishly but we have nice stuff. Well, after the third layoff is when I decided to start my business. Then a year later my wife could no longer work due to health issues. So I now have to support this lifestyle on just my business income. We have 5 kids so it’s really hard to put money back into growing the company. It’s going much slower than I’d like.
Mine is an LLC so I am basically taxed at my personal rate. I take a draw as needed and just write myself a check. I pay all my taxes as self employed because that’s the way is works anyway with an LLC or DBA. That said i did not draw anything for almost the first year so I could grow the business account and pay myself back for the money I “loaned” myself to start things up. I’m in TX so no state tax but we do have a franchise tax that has nothing to do with having a franchised business, which I do not.
And if you get big enough to have to pay that franchise tax, I’m coming to work for you!
We’ll be in the Dallas area this weekend, I owe you drinks for always taking up your time. I’ll holler at you
I am llc and I pay myself like scorp.
Thank you all for the insight on how you get paid. I greatly appreciate it! Think I’ll go the accountant route so I don’t have to crunch numbers and taxes myself.