Question

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!

1 year ago - 5 answers

Best Answer

Chosen by Asker

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.

1 year ago

Other Answers

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 - 1 year 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.

by A Hunch - 1 year ago

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 payments

by Murzy - 1 year 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 - 1 year ago