If i own a small business what do i collect from people in taxes?

Question

If i own a small business, how do i know what % to charge my customers in tax, and also where do i send that money and how often? What forms are there for this?

Thanks.

Do i send in the forms/payment every month? quarter? year?

Answer 1

What is your local sales tax rate? That is the percent you charge customers who are in your state. Do a search type in your state government tax. You should find a website for your state that will explain what the tax rates are and provide information on how to get a license and where and when to submit sales tax, and what items are taxable.

Answer 2

It is dependent upon the scale of the trade, the landlord's different revenue, tax bracket, partner's revenue. If the trade is enormous sufficient, it is going to pay to get legitimate recommendation from a CPA or tax lawyer. For a small trade - you're paying social safeguard taxes in your gains on the self-hired fee - which mixes the organisation's and worker's component. So you'll get credit score for social safeguard deposits both method. It in most cases does not pay to place oneself at the payroll for an excessively small trade. And while the trade is enormous sufficient - search legitimate recommendation. There are extra matters to consider approximately past federal taxes whenever you positioned your self at the payroll: company vs. individual legal responsibility for trade money owed, staff reimbursement, well being coverage, state employment taxes....

Answer 3

When you get a state business license they will start sending you the tax forms. The city might have B&O tax too.
In my state each little place has a different rate you need to contract your state or the CPA firm you are using.