How much do I pay myself while still paying taxes
by michimochi, Window Shopper
- Created: October 22, 2013, 4:00 pm
- Updated: October 22, 2013, 5:33 pm
I use PaycheckCity.com to calculate how much I should pay myself each month. Each month, I pay general excise tax (GE), withholding and employers federal tax (SS, Medicare, tax withholding) based on PaycheckCity’s calculations. The problem is that if I add up what PaycheckCity says I need to pay myself plus the GE, withholding and employers federal tax – it totals more than my gross pay. What am I doing wrong? Am I NOT supposed to pay myself the amount PaycheckCity says? Each month I end up moving money from my personal bank account to my business account to cover my business taxes.
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