The Sugar Show
If you’re building a business as a cosmetologist, esthetician, or wax professional, chances are you LOVE helping people feel beautiful in their own skin. But at the same time, you find yourself lying awake at night worrying where your next client will come from, wondering if you’ll be able to make rent this month, and wishing building a business didn’t feel so gosh-darn hard.Lucky for you, you’re in the right place.Your host and body sugaring expert Shannon O’Brien has taken her own skincare business from zero to multiple six figures simply by adding sugar to her treatment menu, and has helped over 3000 students learn to do the same.As a licensed esthetician, award-winning spa owner, national speaker, and spa consultant, Shannon is here to simplify the process and connect you with the right resources and education to build a profitable, self-sustaining skincare business so you can provide better services for your clients, make more money in your business, and enjoy greater balance between your work and home life.Join us each week and get your hands on the cutting-edge education you need to turn your skincare business into a smooth operation in no time!
The Sugar Show
How to PAY Yourself as an Employee or IC with The Beauty CPA
Now that you have (or your business has) decided how to categorize yourself as an employee or an independent contractor, its time to get PAID!
In Part Two of this Series, Kenesha and Shannon explore how to make sure you get paid properly depending on your business. Working smarter to be strong and sweet in 2021!!
- What is an Independent Contractor or Self-Employed Beauty Professional?
- You are the business owner
- May receive Form 1099 from salon/spa owner or you are receiving monies from your clients and accounting for it yourself
- Responsible for paying and remitting all taxes - federal and state income and payroll taxes
- How you should pay yourself depends on how the business is structured:
- Sole Proprietorship/SMLLC/General Partnership/MMLLC:
- take an owner’s draw from your business banking account.
- Best if done at regular intervals and amounts
- Best if transfer in electronic
- Still responsible for all taxes
- Misconception: If you don’t take an owner’s draw you will not be taxes
- All Net Income is subject to tax, so pay yourself what you want
- Corporations:
- Owners are put on payroll and paid a “reasonable wage”
- Corporation withholds federal and state income and payroll taxes
- Corporation pays half of payroll taxes
- Will receive a Form W-2 at the end of the year
Learn More from Kenesha Coleman, The Beauty CPA @thebeautycpa or on her info packed website The Beauty CPA!
NEED MORE SUGARY INSPIRATION?
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by Joining The SugarNetwork and tagging your sugaring biz on @TheSugarNetwork on IG!
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If you are interested in learning more about Radeq Lab's Premium Prebiotic Sugar Line of products, you can find them at www.radeqlab.us.
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Cheers to your Sweet Success!