I work full-time as an interior designer (NOT decorator, thank you-check wikipedia if you are confused) at an architecture firm. I have picked up a few freelance jobs along the way and plan to gradually ease into all freelance work so that I can start my own business. I have a checking account that I plan to use solely for the 'business'. So, once I get my paycheck, how do I pay myself? I do not have a regular income with my moonlighting, so working out a regular payroll for myself does not make sense. Have any of you done this ease into entrepeneurship, and how did you handle taking your 'pay'?
Small Business - 1 Answers
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Basically, you write a check to yourself from your business account and deposit it to your personal account. You could treat the payroll to yourself as a commission based on revenue dollars (either on total sales or net income) or as an hourly wage based on hours actually worked, instead of salary paid on a weekly or monthly basis. When you do your federal income taxes, you can report the income on Schedule C or C-EZ (unless you organize as a corporation). Just remember to file your quarterlies to avoid underpayment penalties and interest
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