How to Pay Your Employees in a Small Business
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- Опубліковано 22 тра 2024
- Paying employees in any business is a difficult task.
Become a Tax Client: bit.ly/3UWy9k2
And it could be extremely stressful if you don’t know what you’re doing. Mostly because there are 3 sides of paying your employees...
1) determining how much to pay your employees
2) designing your comp plan to actually motivate them to work hard for you and retain them
3) compliance - which is making sure you’re paying your employees correctly to avoid big hefty penalties from the government
In today’s episode, I’m going to help you understand how to do this in your business, so you don’t make the same mistakes we've made.
Outline:
Intro: (0:00)
Small Business Mistakes We Made: (2:07)
Difference Between Independent Contractor and Employee: (4:20)
How to Setup a Payroll System: (8:40)
Hourly Pay vs. Salary Pay: (9:10)
When to Use Bonuses and Commissions: (10:22)
How Much to Pay Your Employees: (14:00)
Recap: (17:00)
Suggested video to watch next: How to Pay Yourself As An LLC - • How to Pay Yourself As...
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
Watch Next: My Review of The Best Payroll Services for Small Business (ADP vs. Gusto vs QuickBooks Payroll) ua-cam.com/video/8RYQj1TKyPU/v-deo.html
I spent 20 minutes looking for videos about payroll and your video was the best by far. Thank you for that information so useful.
Awesome! Thank you! Hope you consider subscribing
Indeed
This gentleman does have solid videos. And not completely mudane.
I agree… you guys are VERY thorough. I am so happy that I had subscribed; I am unsubscribing the others. As soon as I get the last of the things I need for my business, I will contribute. With this information, I feel very confident in my startup.
I agreed 100% also does your business have an Instagram ?
Nobody on UA-cam EVER mentions that you need to consider cost of labor in your pricing, and I'm here to say I love that you did! Great job getting that out there, guys!
I have not been able to find this Info anywhere. You are such a blessing!
This was such an amazing video! Thank you so much for your wealth of knowledge! 👏🏼👏🏼👏🏼
I’m a compensation professional. This video popped up as a result of my search for small business compensation. I’m starting a company to assist small businesses with their compensation not to be confused with payroll or taxes. This is a great video and it helps me understand what my future potential clients may be looking for. the one thing that I do want to point out. Paying hourly or salary is not a decision made by any company or business owner. It’s regulated by the FLSA if you are a business owner, please protect yourself by reading the FLSA to determine whether an employee is hourly or salaried. Failure to do so will leave you open to some huge risk and potential lawsuits.
Thank you for providing this amazing info✨🙏🏼
Everything I was hearing was what I needed to know!!
You are so welcome. I assume you own a business? What do you do?
Very thorough 👍🏻 thanks!
Fantastic video. Looking to bring on my first employee and this was very helpful!
Thank you so much, this is so helpful.
Great video thanks for the content brother keep pushing and spreading wisdom
This video is so helpful thank you!
So much helpful and practical information. Thank you so much for sharing the knowledge. I subscribed a few weeks ago and have been learning a lot.
Thanks again!
Welcome aboard! Thanks for supporting the channel.
Exactly what I was looking for
Wow, great video! So needed! Thanks for this!
You're so welcome!
Love this video, very informative!:))
This is exactly what I was looking for. Your video quality is so high I have to subscribe immediately
Thank you for watching and subscribing! I hope you keep leaving your feedback in the comments, it means so much to see everyone's thoughts :)
Thank you so much for the info so helpful 😊
I love that you always use wholesome language! Thanks for keeping it clean, pure, professional, and friendly!
Do most accounting videos contain swearing?
Good information, thank you!
Let’s gooo!! 🔥
Shoutout to you on this one.
Thank you, this was helpful
I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!
Your content is excellent!
Fantastic, high quality content. Thanks Sherman.
Glad you enjoyed it
This was a great, informative video.
Thanks a million for this information
Great Video!
Very good resources-binge watching these videos
Thanks for the support!
I’m from New Jersey South Jersey I appreciate it very much thank you you are extremely helpful
Great information just what I was looking for.
Happy to deliver!
Mannn u just gave so much I’m going tokeep watchin it to take correct notes thank you so much…
Glad it was helpful!
What a great video. So insight and full of actionable steps. Thanks for the continued value.
Glad it was helpful!
This video was so helpful for some mistakes I've already made. Now I know how to fix them and move forward productively! Awesome content. Thank you for sharing and for your level of transparency. I'm sure this will help many!
Glad it was helpful! Would you mind sharing the mistakes to help someone else avoid?
This video was very heloful. thank you for your contents
very helpful. thank you
Glad to hear that! Thanks for supporting.
Very helpful thank you 🙏
You’re welcome 😊
Wonderful video, whole lots taking place in that field recently
You are right
Very Helpful video
Still Learning
Glad to hear that, just curious, which part did you find most helpful?
Very good content
Thank you sir
Yes this video was very helpful to me, i have hit like and the subscribe button. Thank you.
Great learning
Glad you think so!
Fantastic video and information sharing
Thanks for watching.
perfectly explained
Exactly what I needed. Thank you LYFE Accounting💪🏾
Thanks so much new subscriber to your channel 🙌🏻
Welcome to the family LaBelle!
This was extremely informative wow...
Thank you!! Just curious, what did you find most valuable?
@@LYFEAccounting the compliance part knowing what and how to pay your potential employees so much I had not considered and dealing with the government some sleepless nights and I don't even have employees yet...much appreciated I'm in New York state.
I think the same thing.
Heyyy can you do a video about piece rate pay?? Thinking about doing this with a hybrid of salary/hourly pay to add a system of rewards/profits to keep morale & motivation high
Thank you. What IRS Credits do independent contractors get?
Hi Sherman, what forms would I need to give someone who is sub-leasing? We're opening a beauty salon and renting out rooms to other people for a flat monthly rate. Do I need to do anything other than have them sign a lease? Thanks!
Thank you 🙏
You’re welcome 😊
Wonderful
New sub... God be with u..
Can U do a hourly pay with bonuses as well for completing jobs ahead of schedule?
Great presentation! Could you send me a link regarding profit sharing? Thanks! Shan
Dope video
Thanks alot now I can convince my friends to join my small business
What is your small business about what do you sell ?
Are there any videos where you guys talk about investing in Capital ?
You guys are VERY thorough. I am so happy that I had subscribed; I am unsubscribing the others. As soon as I get the last of the things I need for my business, I will contribute. With this information, I feel very confident in my startup.
Thanks, Darrell! That means a lot!
Hello Lyfe Accounting, I love your content!! Can you give me an idea how to handle paying a Virtual Assistant from another Country (Phillipines)?
I would like for you to be my CPA when I start my business in April 2022. How much do you charge?
Hey Sherman, thanks for this. I have one question, I am in the process of forming a Manager managed LLC, the individual is comfortable with profit share as remuneration. What are my typical tax liabilities for this manager if the buness turn over no revenue for a period of time?
If there is no net income or salaries being paid, then there should be no tax liabilities. In fact, we usually see a beneficial tax loss
@@LYFEAccounting Thanks very much:)
Profit sharing? I’m interested
If I have someone give out flyers and/or do some things that deal with social media pr on Instagram etc. Should I try to make them a independent contractor or part-time employee? Any opinion.
@CG PROJECTSFX Depending on how much effort, skill and level of activity they provide your social media pages, probably should lean more towards part-time or full-time. I personally do social media content for a family member as well as myself. While there's plenty of simpler ways to do certain things; there can be several but related skills involved in producing social media content. Photography, Videography, Animation, Photo-editing, video-editing, audio recording, audio mixing....All these are mid to high level skills that most people go to school to learn.
Then the actual sharing, getting the content out can be a whole separate skill in and of itself. If I'm you I would be knowledgeable at least about the content schedule, how often the person would get posts out and maybe the type of content; But to answer your own question about contractor or employee, discuss the content posting frequency at least. If they're posting for you once or few times a week then maybe not as much. But if you're going to be provided everyday good frequent content then the person is worth more.
I have a question to ask & cannot get a straight answered on the internet. I live in Ontario Canada. How much can a employer right off of an emplyees salary? So let's say $500.00 a week how much can my employer right off from that amount?
My mind is blown! I might have to pay an outside company to do this!
Look into payroll software like Quickbooks Payroll to make it easier!
Theirs no need to pay an outside company for a service you can do your myself once you have had received the proper knowledge of and thanks to these amazing informative videos you will do just that
I like your video, my I have permission to show this to my class?
I only have one employee and I wanted to start with ADP or Quickbooks. Which would be better or should he remain a contractor. I’m trying to automate as much as I can.
Hey Julian, both are great.. we use QuickBooks payroll.
@@LYFEAccounting Where in Atlanta is your company located?
How you making out?
executives and managers 'irreplaceable' LOLOL.
Is it okay to switch fro 1099 to w2 system mid year?
Yes!
I am looking into hiring my first employee. The role I am looking to put them in my business is sales. Would it be possible to have them set on a commission/profit sharing payment for an LLC? They would get a commission on each sale they do and then earn a % of profits either monthly or yearly. Would they fill out a 1099 or a w2? I appreciate any feed back!
Possible, yes. Whether they should complete a 1099 vs W2, watch this video: ua-cam.com/video/2jPt6sCXGZA/v-deo.html
I have only one employee ,, not to sure what to do with that one
If my employer paid me through cash app but didn’t do it as pay can they still put that cash on my 1099?
What’s are good websites to search market rate
Glassdoor
So do I have to pay them with my own money even though I don’t think it will be enough, what I want to do is a small business but also want to make my own video game company like a small business?
You’d have to pay them with the money your business earns or your own money. If you can’t afford that, then you may want to consider hiring Independent contractors for a fixed fee to do specific projects you need help with. - Sherman
I need your cpa service, how do I get to you?
I want to know how are these delivery jobs 1099 ?
Can you elaborate a little more, so we can accurately answer your question?
I have a company and I have foreign employees and I pay them per month $3000 in total, just wanted to know if there was a way for me to use it in Tax deduction? please help
Is There Anyway I Can Apply For Your Job Sir?
Thank you Dave Chappelle
😂😂😂
Lol bro he looks about 5 percent like Dave Chappell
You mean Shuler
What is the 1099 vs w2 video
ua-cam.com/video/cSQ8WQMu9x8/v-deo.html
This is reazon why nobody wants open any business bcz everthing is taxes penalties, insurance etc end day mean a small business owner work for free
Jesus Christ you're alive savior
Wow that means alot to hear, thanks
Please be reminded that all your viewers aren't from the USA. So it's hard sometimes to transpose
Thank you for that :)
Way too dam long
can you use QuickBooks payroll for independent contractors for direct deposit?