How to pay myself
I am using QB Online for a LLC (disregarded entity for tax purposes, sole owner, sole employee). If I am just trying to pay myself, and I don't subscribe to the payroll option, what Account(s) should I setup/use for paychecks?
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crAC8wuIqr3QVhacfA8pyY
06/05/09 4:00pm PDT
Viewed by asker 06/05/09 4:47pm PDT
Viewed by asker 06/05/09 4:47pm PDT
2 Replies
06/29/09 8:59am PDT
Since you're a disregarded entity, you'll file a Schedule C, and pay social security and medicare through Sch SE. You'll be taxed on the LLC's income, however much you move from the LLC to the personal checking account. You won't do paychecks. You could just move the funds from the capital account. There might be more elegant accounting solution, but this would work for taxes.
HoHoHo
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