How to Pay Your Employees in a Small Business

Paying employees in any business is a difficult task. Become a Tax Client: https://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 - /watch/wNQJeSVsp86sJ

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