Employee Taxes
In 2.5 weeks I start having an assistant here - hooray! But I have to write paychecks and I'm a little concerned about doing it correctly. I have never paid monthly or quarterly taxes the few years I've been open. I always just put it on a yearly tax form and...so far, so good.
I know paychecks have Federal, State, and Social Security and Medicare. Unemployment? Is that on the paycheck, too? What about quarterly taxes? What do I need to pay? Anyone know what I can expect? I want to budget accordingly. Any end of year taxes, or taxes paid once a year that I need to be aware of, besides the regular tax filing? Confusing stuff! Thanks in advance :o |
you also need to secure worker's comp insurance
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Originally Posted by hwichlaz: |
On Tom Copelands website there is a good explanation regarding what you need to do for federally for employees, including federal tax stuff, paperwork to complete when hiring, etc.
However, each state has additional things that need to be completed. In Ohio, we have to withhold city, school district and state taxes and pay those quarterly as well as complete an end-of-the-year form. In Ohio, you sign up for workers comp insurance through the state and they can put you through to a private company our you can choose one yourself. I met with a local accountant to help me understand the forms that I needed for all the state stuff. He was super helpful and didn't even charge me ( although I would have been happy to pay!). |
Originally Posted by kendallina: |
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