what taxes do i have to pay on the assistant. what forms do they require. is there any website that i can print those off of ?? thank you for any and all helpful answers.
2007-06-04 08:35:18 · 7 answers · asked by nancy_frgsn 1 in Business & Finance ➔ Taxes ➔ United States
i live in california
2007-06-04 08:47:43 · update #1
Quarterly payroll taxes - form 941, Federal unemployment taxes (FUTA) - form 940, depending on state you live in - state withholding forms, state unemployment taxes. I've included a link to the federal payroll tax forms.
2007-06-04 08:45:26 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It would probably be advisable to file an estimated tax return using form 1040ES on a more or less quarterly basis and paying 1/4 of your estimated tax liability. Payments for the current year are due on or before 4/15, 6/15, 9/15 and 1/15 of the next year. When it comes time to actually file your annual return, it will be necessary for you to use form 1040, schedule C and proceed from there in the normal way. You will also need to file a schedule SE. Be sure to keep accurate records of all of your income and expenses in the event that you are audited. As to your employees, if they are truly employees, you will need to withhold Federal Income Tax, FICA, Medicare Tax and file a monthly return in order to deposit their with-holdings or perhaps on a quarterly basis depending on the size of your withholding taxes and payroll. Your state may also have similar requirements for the withholding of the state income tax. You will also need to pay for work-men's comp in the event they are injured on the job, and unemployment tax, both federal and state. I would suggest that if you are really sincere in pursuing this quest further, you discuss your situation with a professional accounting firm.
2016-05-21 03:18:43 · answer #2 · answered by ? 3 · 0⤊ 0⤋
You will have to start withholding and paying payroll taxes, both to the IRS and your state.
Go to the IRS website and download a copy of IRS Pub 15. You will need to get an EIN and start withholding and paying in payroll taxes. Pub 15 will tell you everything that you need to know. Your state will have similar procedures that you will have to follow. Contact your state tax authorities for guidance.
That said, payroll taxes can get somewhat complex even if you have only one employee. It would be an excellent idea for you to consult with a local CPA to get up to speed on handling this properly. Getting it wrong can be extremely expensive to you personally.
There are also documentation requirements that must be met with the UCCIS, formerly the INS. Go here for guidance on that: http://www.uscis.gov/portal/site/uscis/menuitem.eb1d4c2a3e5b9ac89243c6a7543f6d1a/?vgnextoid=91919c7755cb9010VgnVCM10000045f3d6a1RCRD&vgnextchannel=91919c7755cb9010VgnVCM10000045f3d6a1RCRD
2007-06-04 08:45:44 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋
you need to withhold 6.2% for social security and 1.45% for medicare and then her withholding .....when it is time to pay these taxes you need to double the 6.2 and 1.45% but not the withholding....she also needs to fill out a form w-4....here is the link for the w-4 and also the circular e which will tell you how much to withhold...also the link for the circular e gives you the due dates and how and where to file too
http://www.irs.gov/pub/irs-pdf/fw4.pdf?portlet=3
you also need to pay in suta which is your states unemplyment and futa which is federal unemployment....futa is equal to .8% up to the first $7000.00.....you also need to have an FEIN federal employer identification number if you dont already have one....the link is also here for that...good luck
http://www.irs.gov/publications/p15/index.html
http://www.irs.gov/pub/irs-pdf/fss4.pdf
2007-06-04 08:45:38 · answer #4 · answered by cookiesmom 7 · 0⤊ 0⤋
Download http://www.irs.gov/businesses/small/article/0,,id=98862,00.html for info. Good luck.
There will be state issues also - CA website might help you there, otherwise call state dept of labor.
2007-06-04 09:11:12 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
I am self employed and have had employees but no longer, too many headaches and taxes to pay. god help you if you haven,t checked before you hired someone. good luck
2007-06-04 08:41:18 · answer #6 · answered by Dimitri G 1 · 0⤊ 1⤋
Absolutely no tax. Only that your employee should pay income tax as she receives her income from you.
2007-06-04 09:39:14 · answer #7 · answered by Adamu Beldam 2 · 0⤊ 3⤋