Employers often have minors on their payroll. Children might work for you during the summer or after school. There are some important things you must remember when you hire children, such as child labor laws. You must also remember to withhold taxes from the wages of children on payroll.
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Author:
Michele Bossart
The Basics of Payroll Tax Withholding
When you have employees, you are responsible for paying them but not before taking out some money for payroll taxes. The IRS, Social Security Administration (SSA), and state and locality (if applicable) all require payroll tax withholding.
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How to Do Payroll: Your Step-by-step Guide on Paying Employees
If you’re becoming an employer or already have employees, you must learn how to do payroll. Handling payroll is an important employer responsibility with many steps. Familiarize yourself on how to do payroll by learning about what payroll information you need to gather and the steps you need to follow to pay employees.
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What Is State Income Tax?
Tax withholding may not be the most glamorous part of being a business owner. But if you have employees, it’s part of the job. In addition to federal income tax withholding, you may also need to handle state income tax withholding. Unlike federal income tax, state income tax rules and rates vary by state. So, […]
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What Is an NSF Check? | How to Handle
So you’ve brought your product or service to market and are generating revenue. You’re well on your way to creating the business that you dreamed about. However, there could still be bumps in the road that keep you from collecting your receivables. Such as an NSF check from a customer. Not familiar? Let’s consider the […]
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What Is Excise Tax?
As a small business owner, you have a lot of government documents and tax forms for small business to keep up with. You might be responsible for filing and paying excise tax if you sell certain products or services at your company. What is excise tax?
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What Is Business Collateral?
If you’re a small business owner, you might want a loan to help finance your company. Securing a business loan is not easy. You might need to offer collateral to get the loan application approved. What is business collateral?
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Your Go-to Guide to Understanding Tangible Assets
Business assets are items of value that significantly contribute to your small business net worth. You need to properly calculate, take care of, and record your business’s tangible assets. Learn about tangible assets below.
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What Is a Business Tax Lien?
Are you struggling to pay your business or employment tax liabilities? If you fail to pay, you might face a tax lien. For a small business owner, a tax lien can have devastating effects. That’s why you must understand tax liens to prevent them.
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What Is a Fiduciary?
When you own a small business, you make decisions to protect your company. Throughout the life of your business, you might need to seek advice or help from professionals. In some cases, you might entrust a fiduciary to manage assets or provide business advice.
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