Income taxes on business profits receive the foremost attention, however they are way from the sole ones you wish to know regarding. These can add significantly to the cost of doing business because of the financial outlay and time demands. Avoid penalties and interest by complying with these other responsibilities. <b>Employment Taxes</b> As long as you've got workers, as well as yourself, you must pander to payroll taxes. These embody: <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 employee. For 2009, the rate paid by the employer for the Social Security portion is half-dozen.2p.c on wages up to $106,80zero; the employee pays a like quantity. The rate for the Medicare portion for each is 1.45p.c on all wages (there's no cap).</li> <li> <i><b>Federal unemployment insurance (FUTA). </b></i>This applies to the primary $7,00zero of wages.</li> <li> <i><b>State unemployment insurance.</b></i>

This URL was also folkd by: