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Posts Tagged ‘employment taxes’
Must Know Tax Responsibilities for Starting a Business
Every business is required to fulfill certain tax duties. When starting a business, it is important to have a clear understanding of the taxes you need to pay. It helps to accurately estimate your expenses and determine the tax responsibilities for a business. Here are essential tax responsibilities that businesses need to consider. Filing an Income Tax Return Every type of business, except partnerships, must file a federal income tax return every year. Partnerships file an information ...
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Household Employees and Employment Taxes
Household workers can either be employees or self-employed. If they are considered employees, their employers must pay employment taxes. Examples of household employees include cooks, housekeepers, nannies, private nurses, and chauffeurs. If you have workers providing their services at your home, you need to determine if they are technically your employees and what taxes you are responsible for paying. Is Your Worker an Employee? For tax purposes, a household worker is an employee if you control what ...
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Business Tax Basics
Self-employed people who are either starting a business or have an established business, are required to pay taxes differently than individuals. The type of business determines which taxes must be paid, as well as how and when they are submitted. Most small business owners are set up as a sole proprietorship, a partnership, or a limited liability company (LLC). Larger companies often are structured as a corporation. Apart from certain exceptions, most are required to pay ...
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