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What you describe sounds reasonable; you will pay yourself a "reasonable salary" based on what someone would make as a hairdresser in your area, and then the rest of what you take out of the business is considered return of capital.
So even though I am actually earning 80k by myself I am able to pay myself a "reasonable" salary and then treat the draws I make as return on capital?
Yes, but you are still paying income tax on the entire 80,000
it's just the self employment taxes you are only paying that on the $32,000
There are two taxes
Do I have to pay self employment tax or payroll tax on the 32k?
Payroll taxes are self employment taxes