Question by Amazing !!: small business taxes in washington state?
I live in Washington State and own a small painting business (three employees). My problem is that I pay taxes on what the company earns and then when I pay myself I have to pay taxes again. Is there a way of getting around paying them twice?
holly that isnt even a real website
bangs…i am not sure what you mean
Best answer:
Answer by Bangs
So you are filing a business 1040?
or do you mean you file just 1 personal 1040, complete a Schedule C + put your wages on Line 7 the wage line?
Personal & self-employment taxes are different animals:
self-employment taxes is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners.
which will qualify you to receive Social Security payments upon your retirement
Add your own answer in the comments!
As a small business that is not incorporated you do not pay yourself a salary. You might take a draw from the business but no salary. You money is income at tax time.