This show was created for Salon owners who have decided to start running their salon like a business rather than a hustle.
The focus of the show is to help salon owners understand the numbers behind their business so they can grow and make extraordinary profits.
My name is Desarie Anderson, a hair stylist turned accountant and financial guide. When salon owners have trouble understanding the finer details of their finances, they come to me. With 19 years of salon ownership experience coupled with my experience in the financial world, I know the ins and outs of both the beauty and the financial industries. Whether you want to minimize your tax bill or grow and scale your salon, I’ve got you covered.
How is self-employment tax calculated? - Most W2 employees don’t realize that their employer matches the 7.65% withheld from their paychecks. As I mentioned earlier, we are all required to pay 15.3% of our gross income into Medicare and social security. W2 employees only pay half of the 15.3% while their employer pays the other half, for a grand total of 15.3%. For those of us that are self-employed, we do not have an employer to pay half of our Medicare and social security payments, therefore, we are required to pay the entire 15.3% ourselves. Find out how self-employment tax is calculated and everything else you need to know.