How Does A CEO Of A Nonprofit Get Paid

How to legally go about paying yourself and others? Once the board has established how much you can be paid, the board will need the employees to do the following: 1. Sign an Employment Agreement – This should list ALL of the ways that the employee is being paid; 2. If the staff person is not a part-time or full-time employee, an Independent Contractor Agreement should be signed; 3. Hire an accountant to set up payroll, tax withholdings, etc; 4. Run payroll and pay the person as agreed; 5. Provide them with a W-2 Statement for their taxes or a Form 1099 if they earned over $600 as an independent contractor; The easiest way to calculate payroll taxes for employees My law firm uses a company called Gusto to process our payroll. Before I began hiring full-time employees, I was always worried about the paperwork that would be involved and feared miscalculating the tax withholdings. Gusto eliminates this problem! It is a simple to use online platform that does all of the math for you! You are able to add how much you want to pay your employees (by the hour, salary, etc.) and it will calculate all of the withholdings for you. The best part is that it also handles all of the reporting and filings to your state and federal authorities. I have had many colleagues that used expensive payroll companies that had fees for every filing. Gusto is a simple flat fee each month and I’ve never had any issues with them. (No, I’m not sponsored by them and they did not pay me to say this).