Employees and Payroll Taxes

The whole topic of employee versus independent contractor and payroll taxes is one of the most misunderstood aspects of the tax code. Many business owners think that they can pick and choose whether someone will be paid as a contractor versus an employee, only to find out years later that they have incorrectly treated an employee as a contractor and owe enormous amounts of back taxes, penalties and interest. This kit tells you the truth about this issue. We believe that, in the end you'll thank us for setting you on the right track from the beginning. In addition, payroll tax withholding and payroll tax reporting appears to be complicated and burdensome on the surface. This kit helps take the mystery out of the requirements. We identify the forms you need to file, their due dates and the method for computing the tax. If this is the only chapter you read in the whole book, the answers in this one chapter are worth the entire cost.

Avoid IRS penalties by knowing the law.

The book answers these questions:

• Do I have to hold out taxes when I pay the people who work for me (employee versus independent contractor)?
• What are the tax consequences and filing requirements of having employees?
• What are the year–end requirements for payroll taxes and employer reporting?
• Can I save taxes by hiring my children or spouse?
  
  

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