Income taxes on business profits receive the most attention, however they are far from the sole ones you need to understand concerning. These can add significantly to the price of doing business because of the monetary outlay and time demands. Avoid penalties and interest by complying with these different responsibilities. <b>Employment Taxes</b> As long as you've got employees, together with yourself, you want to handle payroll taxes. These include: <ul> <li> <i><b>Social Security and Medicare (FICA)</b></i> on wages and different taxable compensation. This is paid by the employer and the worker. For 2009, the speed paid by the employer for the Social Security portion is vi.2p.c on wages up to $106,800; the employee pays a like amount. The speed for the Medicare portion for each is 1.forty fivepercent on all wages (there's no cap).</li> <li> <i><b>Federal unemployment insurance (FUTA). </b></i>This applies to the first $7,000 of wages.</li> <li> <i><b>State unemployment insurance.<

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