#510 Listen to this Before Putting Your Spouse on Payroll

Main Street Business

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen unpack the advantages and disadvantages of putting your spouse on the payroll. They shed light on potential pitfalls, discuss savvy alternatives such as board roles and Roth IRAs, and highlight the benefits of Solo 401k contributions and HRAs.

Here's what you can look forward to:

• Mark and Mat break down the common misconceptions about paying spouses.
• Additional payroll costs including FICA, Medicare, and unemployment taxes.
• The benefits of using board of directors/advisors roles for spouses.
• Outline of the advantages, including solo 401k contributions for spouses and maximizing retirement savings through payroll.
• Scenarios where spouses must be on payroll due to material participation.
• Ensuring compliance with tax laws and regulations.

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1. Should I Pay My Spouse? (00:00:00)

2. Maximizing Retirement Contributions With Spouse (00:08:57)

3. Maximizing Retirement Savings With Spouse (00:18:40)

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