It is that time of the year again – time to pay off all those taxes to our government. Every business needs to do this, and for small businesses it can be especially painful. Unfortunately it is something that every business has to do to stay open. Paying those taxes are an important part of keeping everything about your business legitimate and legal – so get right to it, call your accountant and have him or her start crunching those numbers.
Just to make sure that everyone is on the same page…payroll taxes involve paying all the taxes that are withheld from your employees’ paychecks. Some of these taxes include social security and Medicare for you, the employer, and all the employees of your small business. There are also federal, state and city taxes that are owed to the government.