(I just started a new company (PC) and I am the company! Not sure how to go about paying myself. I ive in NYS. I filled out the NYS-100, waiting on a response..what next?
2007-10-12 15:13:15 · 2 answers · asked by AC 1 in Business & Finance ➔ Corporations
Take a draw from the company account on a regular basis.
File quarterly estimated taxes of what your taxes were last year plus 15.3% for SE tax.
Some people only take one check a year or some take one a month. If you can afford to live without income from the new company don't take a draw.
The draw won't affect profit just the bank balance you are taking your equity. Leave the equity in and you can grow the business.
2007-10-12 15:30:25 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
Gross sales
- Cost of goods
- expenses
_____________
Net Profit is taxable
Make sure you account for all your expenses and deductions and visit with your CPA or accountant .
2007-10-12 22:25:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋