How do I pay myself if my company is set up as an LLC?
Answers:
YOu would need to be considered an employee when you file your taxes for the business. You would need to pay yourself by check just like any other employee you might pay.
It depends if the LLC is properties or how you make your income..
You get paid from the payroll account, like any other employee.
some wages some distributions...dont you have a cpa?
If you are the only owner in the company, you should be taking a monthly DRAW. This shows up in your chart of accounts as an EXPENSE to the company. That also means that you should be paying your taxes quarterly. Your CPA should also be doing your personal annual returns complete with your corportate FORM C. This also means you are self employed and that you have to be paying all of your social security taxes as well.
If you are the ONLY employee, you might want to get a payroll service to administer this for you. That's because the most important aspect of being an employee yourself is making sure that all the the payroll taxes are paid on your behalf (FICA and Unemployment etc.). The FICA is standard across all states, but there are other requirements that vary from state to state (such as state disability taxes in NY and CA). If you're not familiar with paying all these different taxes to the right regulatory agencies for your state, you need to hire an expert. I know some of the large organizations who provide this service are your local ADP and Ceridian, but you also might be able to get this service from a local temporary agency.
Hope this helps.
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