How Much and When To Pay Yourself?

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siobhan

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So I have my own business and have been up and running since May. To start with for the first month and a half I didn't pay myself to get some cash built up, and now I have been paying myself 25% of my monthly earnings - but I can't live off of that. I have another part time job (I work for the Chiropractor that I rent space from as their office manager about 20 hours a week - but that doesn't pay all the bills either). So what I am wondering is how often and what perceneforum.xxxe do other therapists pay themselves that have their own business? Any suggestions will be greatly appreciated too! Thanks!
 


Hi gpcmassage,

I've been up and running full time since April. What I did was figured out how much I had to pay myself in order to get by at the same quality of life as I had been living before. I pay myself that amount every two weeks, calucluate 1/3 of that and put it into a savings account for taxes, and pray there is enough left over for rent, utilities, and insurance LOL. Let me tell you, it's a TIGHT squeeze going into October. If the time comes when I am consistently not hitting the mark, I will know it's time to get a part-time job. When the time comes that I am consistently overshooting the mark, I'll give myself a raise :).

I hope that helps!

Emily
 


It depends.

Are you a Sole Proprietor or and LLC or S-corp of which you are an employee?

What is your status with your other work -- IC or PT emp?

Are you married and if so is your spouse an employee or self Employed, and if SE, what is their legal entity.
 


RelaxandRejuvenate said:
It depends.

Are you a Sole Proprietor or and LLC or S-corp of which you are an employee?

What is your status with your other work -- IC or PT emp?

Are you married and if so is your spouse an employee or self Employed, and if SE, what is their legal entity.

I am a sole proprietor, for the chiropractor I am a pt employee since I only work 20 hours a week - the nice thing is I only have to pay 25% of what I make on a monthly basis for rent, so that changes and saves me the hassle of making sure I am getting that much money first - and I am married and my spouse is employed with a Fire Sprinkler company so he has nothing to do with the business - however we do file joinly, or at least last year we did so....
 


This what I do.

I opened a small business account with Bank of America. After I have paid all my business expencses for the week whats left over is what I pay my self. I put myself on payroll with Bank of America so I have my pay check direct deposited into my personal account. This works for my because I do not have to worry about paying my taxes
 


JLWmassage said:
This what I do.

I put myself on payroll with Bank of America so I have my pay check direct deposited into my personal account. This works for my because I do not have to worry about paying my taxes

How and when are your taxes going to be paid?
 


Bank of America efiles my taxes for the State and Federal. Every time I do payroll my taxes get paid. It is very simple to do and it is FREE
 


I got confused when you said "pay" instead of "file"

I am on BofA, but did not realize their online payroll covered self-employed or are you an S-Corp or LLC and have yourself as an employee of that organization?
 


I am a Sole Prop. Bank of American takes my tax money out of my account each pay period and pays when needed. You do need a Employer ID Number, which is very simple to get on the IRS website. I like the service very much because I get a pay stub , workmans comp. and umemployment if I need it.
 


I am curious about the BofA service.

Do you have employees? Or is this service available to a sole proprietor who only has to file taxes for themselves?
 


do you have a link that might have more information? I stopped at the local BOFA branch in the grocery the other day, but I believe the gal there was unaware of this service.

thanks!
 
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