Posted: 1/9/2005 9:14:44 PM EDT
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I need some help figuring how tax withholding for my business. I need to find out exactly which taxes(federal, state, self employment, medicare, etc). I'll need to withhold from each paycheck. Any recommendations on any payroll software to make it easy to figure out and to make sure I dont screw it up. edit: Also any recommendations for any kind of business management software to keep up with sales, margin, etc and possibly able to do payroll that doesnt cost an arm and a leg. I was thinking about quickbooks. |
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kblagg, Well, it depends.  In order to make an informed recommendation I will need some info about the type of business you are engaged in, # of employees, ect.... The easy answer is Quickbooks. If you get the fancy package, it does payroll for you (for a fee of course), but depending on what you are doing, it's not always the best. As always, my advise is strictly confidential and for you guys is dirt cheap. Send me an e-mail or an IM if I can be of any more help. Thanks, Accountant |
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Not to be a dick, but unless you have some major trading income, inhertiances or have multiple sources of business income you should be able to do your own taxes in a few hours with TurboTax. In any case if you had any of the above I would hope you're not wasting time posting here and on the high seas in a nice 60'+ sailboat. The knowledge you gain by reading the tax laws applicable to you will allow you to invest more wisely in the future and be a better voter on tax issues. I used to be in a real estate partnership, a C-Corp, an S-Corp and have self-employment income. I had to take over the tax reporting because the preparers were incompetent. My 2 cents. |
It seems as the more I look into all of the tax information, the more confused I get. Ive read some places that you have to pay federal/state taxes quarterly and I've heard others that you just file normally at the end of the year. What about the self-employment taxes? |