Ok, so I have an LLC, I have an EIN and a state with holding ID#. I am just beginning to hire and my husband and I both will be employees of the comapny. In VA, i do not have to have Worker's Comp Insurance since we will have less employees than 3 (hubby and I are owners so we are exempt by law). However, I downloaded payroll software and there are so many deduction categories such as State Disability Insurance, Federal and State Unemployment Insurance, Meicare, Social Security... I am a smart person and I learn easily but it seems that I cannot find out how much I have to pay, how much I need to deduct from the empoyee, and how I actually pay these things to the appropriate entities. Maybe I should hire out, but I hate to pay someone else to do something that I know I can do. I just feel overwhelmed at the moment and I do not want to get into any trouble in the future. Anyone have any advice?
You really need to consult with a business tax attorney to figure out which withholdings are required in your state and by the federal goverment. I know you don't want to hire out, but a consultation with a business tax attorney should only be a one-time cost and be well worth the investment. Plus, this cost will be a business expense and tax deducatable. I'd really avoid using anything information for this obtain from the internet, go to a professional.
NRiddle | Contributor | 4/7/2010 - 8:02 pm
Join The Discussion
You must be logged in to join the discussion. If you already have an SBA Community account, Log In to join the discussion.
New users, Register for a new account and join the conversation today!