Abigail 08:46 PM 12-22-2012
I now have the proper insurances needed in my state for having employees. I'm wondering now if I am suppose to keep the W4 and I9 and I9 documents on hand just incase I need them or if I am suppose to send copies to the IRS.
TomCopeland 12:07 PM 12-24-2012
Originally Posted by Abigail:
I now have the proper insurances needed in my state for having employees. I'm wondering now if I am suppose to keep the W4 and I9 and I9 documents on hand just incase I need them or if I am suppose to send copies to the IRS.
Keep copies of the W-4 and I9 for your files. You do not send them to the IRS.
Unregistered 11:08 AM 10-07-2015
I been running my daycare since february 2015, i have 2 helpers and just recently i register my daycare as a LLC. Now im stuck with how to do taxes and withholdings from my employees. do i have to go back as far as from the day of hire FEBRUARY or from the day i register as a LLC?
Blackcat31 11:29 AM 10-07-2015
Originally Posted by Unregistered:
I been running my daycare since february 2015, i have 2 helpers and just recently i register my daycare as a LLC. Now im stuck with how to do taxes and withholdings from my employees. do i have to go back as far as from the day of hire FEBRUARY or from the day i register as a LLC?
Even as a sole proprietor you are required to pay employee taxes and other pay roll requirements such as social security and workmans comp insurance.
They became your employee on the date of hiring.
http://tomcopelandblog.com/category/...-taxes?cat=942
LysesKids 11:31 AM 10-07-2015
You should have been withholding taxes from the start.... they are employees regardless if you are LLC or not.
TomCopeland 11:36 AM 10-07-2015
Originally Posted by Unregistered:
I been running my daycare since february 2015, i have 2 helpers and just recently i register my daycare as a LLC. Now im stuck with how to do taxes and withholdings from my employees. do i have to go back as far as from the day of hire FEBRUARY or from the day i register as a LLC?
Your helpers should always have been treated as your employees. You should file the quarterly IRS Form 941 (next deadline is October 31st) and pay in the amount you should have paid since January 1st of this year. File Form 940 for federal unemployment tax by January 31, 2016.
Unregistered 11:11 AM 10-13-2015
Originally Posted by TomCopeland:
Your helpers should always have been treated as your employees. You should file the quarterly IRS Form 941 (next deadline is October 31st) and pay in the amount you should have paid since January 1st of this year. File Form 940 for federal unemployment tax by January 31, 2016.
so how do i know how much i am suppose to take out from every employee?
TomCopeland 08:09 AM 10-14-2015
Originally Posted by Unregistered:
so how do i know how much i am suppose to take out from every employee?
Withhold 7.65% of their salary for Social Security/Medicare taxes. Withhold federal and state income taxes based on how each employee fills out Form W-4. You must pay another 7.6% out of your own pocket for Social Security/Medicare and you must pay federal and state unemployment taxes.
laundrymom 09:11 AM 10-14-2015
Originally Posted by TomCopeland:
Withhold 7.65% of their salary for Social Security/Medicare taxes. Withhold federal and state income taxes based on how each employee fills out Form W-4. You must pay another 7.6% out of your own pocket for Social Security/Medicare and you must pay federal and state unemployment taxes.
I would recommend finding an accountant to get you up to speed. It's an expensive lesson but one that is worth it's weight in gold.