…In this video we'll explore Amy's business once set up as an LLC.…If Amy sets up an LLC business in Florida there are several forms and…fees she will have to file and pay in 2013.…The I.R.S.…doesn't consider owners of L.L.C.'s taxes S-Corporations self employed.…Instead they are considered as employees of the company.…This means that Amy will have to give herself a salary.…In this example, she'll receive one paycheck per quarter.…
The year is divided in four quarters.…Each quarter when she receives a paycheck she'll have to withhold and…deposit taxes for federal income and for the Federal Insurance Contributions Act.…Also known as FICA.…FICA consists of two taxes, Social Security and Medicare.…The current tax rate for Social Security is 6.2% for the employer and…6.2% for the employee for a total of 12.4%.…
The current rate for Medicare is 1.45.…Percent for the employer and 1.45% for the employee.…Or 2.9% total after each quarter ends, she must file IRS form 941.…The employer's quarterly federal tax return.…
- Understanding your business-structure options
- Choosing your business structure using five key questions
- Establishing business names and fictitious business names
- Obtaining local licenses and permits
- Applying for city/county tax receipts
- Opening a business bank account
- Understanding state and federal taxes
Skill Level Beginner
1. Overview of Business Structures
2. Sample Businesses
3. Forming a Sole Proprietorship
4. Forming a Limited Liability Company (LLC)
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