| I have collected information here to assist you with the | | | | disability benefits, survivor benefits, and hospital |
| overall requirements by the IRS so that you can plan | | | | insurance (Medicare) benefits.You must pay SE tax |
| your business a little better. However, as we all know | | | | and file Schedule SE (Form 1040) if either of the |
| there will be ammendments to these points raised | | | | following applies.1. Your net earnings from |
| below from time to time and you would be best to | | | | self-employment were $400 or more.2. You had |
| confirm anything you read on this page with the | | | | church employee income of $108.28 or more.Your |
| relevant department. You can simply do this by the | | | | Employment TaxesIn relation to employees, you as the |
| internet at when you think you need to.The first pointy I | | | | employer have a number of employment tax duties |
| would like to raise is the type of business you are in - | | | | that you must pay and forms you must file. These |
| this will determine what taxes you must pay and how | | | | include the following:1. Social security and Medicare |
| you pay them. Here are the four basic types of | | | | taxes2. Federal income tax withholding3. Federal |
| business taxes.- Income Tax- Self-Employment Tax- | | | | unemployment (FUTA) taxYou can gain additional |
| Employment Taxes- Excise TaxLet's run through them | | | | information at Employment Taxes for Small |
| -1. Your Income TaxJust about all businesses apart | | | | BusinessesExcise TaxYou will have excise taxes |
| from partnerships must file an annual income tax | | | | levied on you if your business does the following:1. |
| return. You should note here that partnerships file an | | | | Manufacture or sell certain products.2. Operate certain |
| information return. The form you use to do this | | | | kinds of businesses.3. Use various kinds of equipment, |
| depends on how your business is organized.The | | | | facilities, or products.4. Receive payment for certain |
| federal income tax is a pay-as-you-go tax. You must | | | | services.Excise taxes can relate to activities, such as |
| pay the tax as you earn your money or when you | | | | on wagering or on highway usage by trucks. Excise |
| receive income throughout the year. In most cases, an | | | | Tax has several general excise tax programs. One of |
| employee usually has income tax withheld from his or | | | | the major components of the excise program is motor |
| her pay. Note - If you do not pay your tax through | | | | fuel. For more details, refer to Excise Taxes at the |
| withholding, or do not pay enough tax, you may have | | | | IRS.This article has been supplied courtesy of Bill |
| to pay an estimated tax. If you are not required to | | | | Darken. Bill often writes and works closely with Small |
| make estimated tax payments, you will need to pay | | | | Business Answers who can help with more |
| any tax that falls due when you file your return. For | | | | information on small business information. If the link is |
| additional information refer to Publication 583, Starting a | | | | not active, you can paste this one into your browser - |
| Business and Keeping Records at the IRS.Tax For | | | | small-business-answers.com/ This site is dedicated to |
| Those Who Are Self EmployedSelf-employment tax | | | | supplying the latest news and articles on small |
| often called SE tax, is a social security and Medicare | | | | business to assist people progressing and to help with |
| tax primarily for individuals who are self employed. | | | | information and news. You can also look for small |
| Payments of SE tax contribute to your coverage | | | | business information at small business loans. If this |
| under the social security system. It is important to | | | | previous link is not working you can paste this link into |
| know that Social security provides retirement benefits, | | | | your browser, loans-only. |