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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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  #1  
Old 12-22-2012, 09:46 PM
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Abigail Abigail is offline
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Default Hiring Employees For Home Daycare

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.
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Old 12-24-2012, 01:07 PM
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Default Employees

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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.
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Old 10-07-2015, 12:08 PM
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Default Hiring employees.

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?
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Old 10-07-2015, 12:29 PM
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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
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Old 10-07-2015, 12:31 PM
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You should have been withholding taxes from the start.... they are employees regardless if you are LLC or not.
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Old 10-07-2015, 12:36 PM
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Default employees

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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.
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Old 10-13-2015, 12:11 PM
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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?
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Old 10-14-2015, 09:09 AM
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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.
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Old 10-14-2015, 10:11 AM
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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.
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