Ask Experts Questions for FREE Help !
Ask
    bkz1741's Avatar
    bkz1741 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 16, 2009, 06:49 PM
    Money management
    How do I know how much to pay myself for a home business that I started? Also how do I know how much to set back for taxes? I am the sole owner and I do all the work, No employees
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Feb 16, 2009, 06:53 PM

    If you are a sole proprietor with no employees. Don't bother paying yourself a salary.

    As for taxes, you need to reserve at least 15% of your profits.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Feb 16, 2009, 07:12 PM

    Well personally I would look more at about 20 percent of gross, but so much depends on your expenses.
    After deductions your actual taxes will be closer to 30 percent of your profit.
    And this can vary depending on state taxes
    Stringer's Avatar
    Stringer Posts: 3,733, Reputation: 770
    Business Expert
    		  
    #4

    Feb 27, 2009, 08:45 PM

    Good advice from the above posters, I would only add that I would contact an attorney and an accountant for start up information. The initial costs are minimumal and the advice can save you a lot of headaches later. There are sites that you can Google for this type of information also.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Who sings the song that goes like this."money money money, money?" [ 5 Answers ]

Do you know the artists name?

Who sings the song that goes, Money, money, money, money? [ 12 Answers ]

Who sings the song that goes something like this... Money, Money,Money, Money?

Who sings that song that goes "Money, Money, Money, Moneeeee?" [ 3 Answers ]

Who sings that song that goes "money, money money...moneeeeeeeeeeeey?"

Condominium management wants Money Claim [ 2 Answers ]

Hello, Around May of 2008 I moved to my condo. The building is about 20 years old, Two week later, from the day of my move, there was some water leakage from my on suite shower, to below units, my insurance company has covered my damages for repairs, but the condo. Management wants to charge me...

View more questions Search