Income taxes on business profits receive the most attention, but they are far from the sole ones you would like to know concerning. These will add significantly to the value of doing business as a result of of the money outlay and time demands. Avoid penalties and interest by complying with these alternative responsibilities. <b>Employment Taxes</b> As long as you have employees, together with yourself, you need to cater to 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 employee. For 2009, the rate paid by the employer for the Social Security portion is half dozen.twopercent on wages up to $106,80zero; the employee pays a like quantity. The speed for the Medicare portion for every is one.forty fivep.c on all wages (there's no cap).</li> <li> <i><b>Federal unemployment insurance (FUTA). </b></i>This applies to the first $7,00zero of wages.</li> <li> <i><b>State

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