Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Small Business (https://www.askmehelpdesk.com/forumdisplay.php?f=298)
-   -   What are benefits of hiring family members? (https://www.askmehelpdesk.com/showthread.php?t=330384)

  • Mar 17, 2009, 10:00 AM
    Scratchmaster
    What are benefits of hiring family members?
    My husband owns a mobile auto scratch and dent repair service. I am his wife and I do all the bookkeeping and advertising management online bank trips etc. I want to put myself on the payroll as a salaried employee because I've heard that is beneficial at tax time. Problem is I don't know how to set it up in Quickbooks. Any advice? Do I have to pay any taxes? Or withhold taxes?
    Thanks for any help!
    Michelle
  • Mar 17, 2009, 11:34 AM
    Fr_Chuck

    How is the busniess set up, as a corporation, as a LLC or merely as a private business.

    Does your husband pay hisself a salary ?
  • Mar 21, 2009, 09:00 AM
    PaintingCompany

    My wife and I own a painting company, but we set the bus as a partnership. Since we are both owners we don't have payroll for us. But if you are not an owner of the company you would need to pay yourself as an employee and withhold taxes. We do our own accounting for our business such as record keeping and banking business. But for our employees we actually hired a CPA. It is better that way because there are a lot of responsibilities that come with an employee - just as a protection. Worker's Comp requires payment based on payroll. EDD also requires payment based on payroll. In my humble opinion have a professional take care of that aspect. It isn't free but it sure will save you a lot of time and FINES!

    And Yes, it is very beneficial when t comes to taxes!

  • All times are GMT -7. The time now is 06:50 PM.