New business how to do taxes for employees and business?

Payroll taxes: Register with the IRS (Form SS-4) and your state, if applicable, to withhold and remit payroll taxes IRS Publication 15 gives you the information you need to calculate federal income, Social Security, and Medicare tax withholding. Briefly, withhold 6.2% of gross for Social Security, 1.45% for Medicare, and the appropriate table or percentage amount for the employee's gross, pay period, and W-4 instructions The business is responsible for 1/2 of the employees' Social Security and Medicare taxes, so will add an additional 6.2% and 1.45% to the amount due to the Department of the Treasury. Remit the total of federal income tax withholding, Social Security withholding and company contribution, and Medicare withholding and company contribution on or before the dates the IRS requires of you (there are different schedules, according to your payment size history).

You can deposit the taxes at your bank; I recommend using the free Electronic Filing Tax Payment System (EFTPS) available online at http:/www.eftps.gov If you are required to withhold state income taxes, follow your state's instructions for withholding and remittance thereof The business is additionally responsible for paying state and federal unemployment taxes. Follow your state's instructions regarding their unemployment tax procedures. Federal unemployment taxes are reported annually on Form 940, may be deposited at your bank or paid through EFTPS, and may be paid with the annual report if the total due is less than $2,500.

See the instructions for Form 940 Business taxes: If this is the business's first year, there are no depository requirements for business income tax. What sort of tax may be due by whom to whom depends on the form of the business -- sole proprietorship, partnership, S corporation, or C corporation.

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