Let’s face it, taxes are complicated, especially if you own a small business. Read below about tax concerns to avoid some of the most common pitfalls experienced by small business owners today.
As your business grows, you will probably need to hire employees. Some of the most common tax concerns involve employee tax issues. When you hire employees, you have to file timely payroll tax returns and make the required tax deposits.
Payroll taxes include three types of taxes:
– Income Tax-You must withhold the proper amount of income tax from each employee’s paycheck throughout the year.
-Social Security and Medicare Tax or FICA-You must withhold the employee’s share of FICA taxes from each paycheck and you must match that amount.
-Federal Unemployment Tax or FUTA-This tax goes to the unemployment insurance system and is paid by the employer. The employee pays no part of FUTA.
Always pay your payroll taxes in full and on time. If you don’t, the IRS adds interest and large penalties. The interest and penalties can quickly grow if you don’t pay them immediately. These fees can be enormous and can cause...
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