If I were to start my own C corp and hire somebody and pay them $7.50/hr, how much would I have to pay in taxes?
-J. Lehman, MI USA
2007-05-10 10:49:08 · 3 answers · asked by John L 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
It would be more like 20 hours a week. What is the formula for it? I mean how is that determined.
2007-05-10 11:17:00 · update #1
add 7.65% for social security
add un-employment tax , the federal rate is .80% , you'd need to check what your state rate is
2007-05-10 13:05:31 · answer #1 · answered by Jo Blo 6 · 0⤊ 0⤋
Assuming that they're full time, probably somewhere near a couple thousand dollars a year or a little more for employer taxes.
Edit: OK, for half time, figure around $1000 a year more or less, for employer taxes.
2007-05-10 18:01:14 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Your cost would be around $8.25/hour when you include your employer taxes.
If you want specifics you can email me via my profile.
2007-05-10 18:19:07 · answer #3 · answered by Joseph T 4 · 0⤊ 0⤋