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Owner's Equity - Definition, Formula, Examples & Calculations
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Owner’s Draw // Save this Post 📌 If you’re self-employed then you can pay yourself with an Owner’s Draw. Want to build wealth? Use your business revenue to access capital and financing for your business by paying yourself and your self employment taxes! As a self-employed individual, you’re responsible for: 1. Federal Income Tax: tax rate depends on revenue (IRS.gov for more info) 2. Social Security tax: 12.4% 3. Medicare tax: 2.9% To pay your taxes, create a free account at EFTPS.gov To learn
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