I opened a business with a few employees, how do i know how much to hold from there check for taxes?

Question

the state is MN, i need both links for federal and state, i cant find anything, help me please

Answer 1

Oustource the job to a payroll company so it is done right...they take their fees every month...not a lot...try ADP, Paychex etc

Answer 2

You might try asking a tax service to help you and set you up with the proper books, forms. percentages, etc.
That money deducted has to also be paid quarterly which is another thing you'll need to understand and do. It's a good idea to be instructed on exactly what's done. You've only got a few employees so it's not too difficult really.

Answer 3

What you need is called a circular E, employeers tax guide. Go to any CPA's office and they will be happy to give you one. You should go to the IRS website for specific info for your state, or talk to a cpa. The irs also has free booklets and tons of info on their website. They basically tell you how to do everything. If you are still confuse, think about hiring a cpa for your first year of business, just to get all the kinks out while you are in the learning process. Good luck!

Answer 4

I recommend the answer above mine, but if you don't want to do that then I suggest you get a CPA and don't deduct taxes from your employees. Make sure that they are aware that you are not deducting taxes and the for tax time give them Form 1099 insted of a W2 and they will be reponsible for paying their own taxes

Answer 5

your best bet would be to outsource it. ADP would be good. They're not expensive and they handle all that for you. All you do is send them the hours. Don't waste your time calculating payroll when you can be growing your business. same with bookkeeping; outsource it.

Answer 6

I hope you're not serious, but if you are then you need to contact an accountant IMMEDIATELY before you get yourself into some very serious trouble

Answer 7

Youd better get an accountant before its too late