From the course: Taxes for Small Business
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Payroll taxes
- One of the most alarming things that a new business owner learns is that there seems to be no end to the number of ways that your money just goes out the door. Employee wages, through payroll, are often one of the biggest expenses that a company pays. It covers the paychecks for the individuals that work for them. But individuals pay all of their own tax, right? Yes, but that doesn't mean that the business is off the hook. For locations where payroll taxes are a part of business life, each employee brings an additional tax burden to your business. Let's say you're hiring your first employee. You've crunched the numbers and you've allocated $50,000 for their annual salary. But be careful, there's extra taxes to be paid on top of that. First of all, you'll usually be responsible for deducting and remitting employees' income tax to the government. That isn't an extra cost to you, but you have to do the paperwork and it can get complicated if you have to sort out federal, state and…
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