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How do I pay my employees?
If I have 15 employees and they all are to be paid in cash. What do I tell the teller when I get to the bank? Do I make 15 different withdrawals or one huge withdrawal that covers all of their salaries?
Lets say 10 of them make like $750. One of them make $1,000. And the rest of them make $800.
Any answer will be greatly appreciated!
You're insane to be paying them in cash - dodging taxes, are you? Do you really want to carry around over $10,000 in cash? Write them a check.11 months ago
although its not the best thing to pay in cash you would just make a single withdrawal because making multiple withdrawals would just be a waste of time because you can't use that as proof of anything anyways.
Source(s)by maria - 11 months ago
Why are you paying this in cash?
- cash is legal as long as you are taking the appropriate taxes, but my question is WHY?
- If your employees are not the type of people who have bank accounts, you can pay on paycards.
You take out all the money in one lump sum. You would request a specific configuration of bills, so you can easily do the payout.
Contrary to popular belief, banks don't keep loads of money on hand. There is no bank that will have $11,700 dollars on hand, on a regular basis, without you prearranging the transaction. Most banks would require 72 hours notice for this type of transaction.
why are you paying them in cash? it will be an accounting nightmare for you. besides, they need a record of their FICA and other tax deductions. i own a business, too and i would never pay my employees in cash. are they working illegally? could that be the reason for the cash paymentsby Murzy - 11 months ago
Transactions of 10k or more are reported to the IRS. Pay them like a normal company with a check, taxes paid, etc.by krn001 - 11 months ago