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What every business owner needs to know about payroll taxes
 
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Contact us at 888-727-8796 if you need assistance with your tax problem (and yes, your information will be subject to the attorney client privilege). We’ve successfully assisted thousands of clients deal with IRS issues. You can also email us at [email protected] We deal with both domestic and offshore issues. www.irsmedic.com Before the 1940’s, taxes were only paid by the ‘Fat Cats’, and they were paid in quarterly installments. Since such a small percentage of people were paying taxes, it was easy for the government to ensure that everyone was compliant. They assured us that only these ‘Fat Cats’ would pay --- until they 'changed their mind' to expand the tax burden to include everyone. “But it’s war time! The budget is suffering and we need your help! Don’t worry…this tax won’t be around forever!” And so we all began to pay. What the government realized quite quickly was that they could rapidly lose control of compliance and collections since there were now so many people paying taxes. They also realized that since they were taxing people a percentage of their salary, the tax debts could add up to the point that the taxpayers just couldn’t afford to pay it back. Taking control with “Pay as you go”: In 1943, Congress passed the Current Tax Payment Act. The idea was born from Beardsley Ruml, an executive for R.H. Macy & Co. and adviser to Roosevelt. In his experience in working with customers from Macy's, he noticed that people didn’t like big bills --- they instead liked to make partial, smaller payments. His “Pay as you go” idea grew into this act that required employers to withhold a percentage of federal income taxes from their employees wages. The employers would then be responsible for paying the government on the workers behalf. Withholding was a great way to keep control of the masses. It’s easier to police a smaller number of taxpayers, and, employers are easier to influence as they have more at stake. Understanding withholding and payroll taxes: Payroll withholdings are the taxes and benefits paid by the employee and include: Employee portion of Social Security tax - 6.2 percent Employee portion of Medicare tax - 1.45 percent (a 0.9 percent Medicare surtax when the employee earns over $200,000) Federal income tax State income tax Court-ordered withholdings As an employer, you are technically the 'trustee' and are holding this money 'in trust' for the government until your quarterly payment is due (4/15, 6/15, 9/15, 1/15). Technically, this is not your money... it is the governments. The law also requires you to pay the employer's portion of two of these taxes: a 6.2 percent Social Security tax a 1.45 percent Medicare tax (the “regular” Medicare tax). We have a lot of clients that are dealing with payroll tax debt. The stress can feel overwhelming, and you may make poor choices trying to solve the issues on your own. It’s a scary thing because you are talking about not only your own livelihood, but also the livelihood of your employees. Scarier still is that you are personally liable for this debt; it's not just the responsibility of 'the business' to pay it back. In our experience, we find that 98% of payroll tax problems are caused by cash flow. Cash flow problems can easily spiral out of control, and can be caused by a client that burns you, a natural disaster, a lawsuit, or employee embezzlement, to name just a few reasons. Unfortunately, we find that the nicest people end up with payroll problems because they may be afraid to lay any employees off. These are honest people that didn’t take the money for their own use; they took the money and put it into the business to keep the lights on, or to pay for supplies hoping to turn the business around. They are misunderstood, hard-working, and are simply trying to make ends meet. We’ll talk more in depth in tomorrow’s article about payroll tax solutions and negotiations, but bear in mind that sometimes if you lay people off, you may be able to get your issue under control and end up re-hiring them. If you need assistance with a payroll tax debt, don’t hesitate to contact us. We’re here to help. http://www.irsmedic.com Serving US taxpayers worldwide "Real Tax Attorneys for Tough Tax Problems" IRS Medic: Parent & Parent LLP 212.256.1335 888-727-8796 Twitter: https://twitter.com/irsmedic Facebook: https://www.facebook.com/TheIRSMedic
Views: 6561 IRS Medic
Employer Payroll Taxes: Simplified!
 
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How do I hire employees? How do I pay employer payroll taxes? Payroll can be confusing! This video simplifies it ALL! My Gusto link: https://gusto.com/r/PloJd/?utm_source=reflink If you sign up through my link, you'll receive access to my training program for free! Need a better tax experience? My process helps you with your finances & growing your business! https://www.amandarussell.mba/tax-services/ Need help with your finances & growing your business? Learn more: https://www.amandarussell.mba/businessgrowthprogram/
How Do I Pay Myself in a Single-Member LLC? - All Up In Yo' Business
 
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Learn more about 180 Law Co. LLC by visiting http://180lawco.com. One question that I get asked quite often, because it’s a really good question, is how the owner of a single-member LLC is supposed to pay him/herself. There are two possible answers to this question, depending on how the LLC is taxed. Unless the LLC elects otherwise, a single-member LLC is considered a “disregarded entity” and all of the income to the LLC is treated as income to the business owner, and is all subject to self-employment tax. So basically, the owner of a single-member LLC can pay himself however and whenever he wants, keeping in mind a few important considerations: 1. Make sure you are prepared to pay taxes. Since the LLC is a disregarded entity, if the business earns $100k but you only “pay” yourself $50k, you are still going to be responsible for paying all of the taxes, including self-employment taxes, on the full $100k. (For simplicity’s sake, I am pretending there are no deductions or anything.) So you need to set aside enough money to make sure you can cover your taxes. 2. The business has to remain adequately capitalized. This means that you need to keep enough money in the business to cover all your overhead, debts, bills, salary for employees, etc. You should also leave some extra “padding” for possibly building up your business, purchasing equipment, and whatever else you may decide to do with your business. In the books, any payments to yourself should be recorded as “Member Distribution” or “Member Withdrawal.” If the LLC elects to be taxed as an S Corporation, on the other hand, you have to be paid a “reasonable” salary. Self-employment taxes will only be paid on that salary rather than on the full amount of profit the business earns. Any money that the business owner takes above that reasonable salary is considered a dividend and won’t be subject to self-employment taxes. To learn more about S Corporations, watch my earlier video What the Heck is an S Corporation at http://youtu.be/i5to7Da3wMw?list=UUNh7tqEn68tf0oOfq4NsFsg If your LLC is not taxed as an S Corp, you don’t need to put yourself on payroll, since those member distributions aren’t treated as normal payroll. If your LLC is taxed as an S Corp, then the salary you earn can be part of your payroll, and any additional dividends will be separate from that. Whether or not you elect to have your LLC taxed as an S Corp and how to handle and record the money that you pay yourself is an important conversation that should be had with your accountant, bookkeeper, & attorney. Doing it the “right” way can help minimize your tax liability and can make your life (and that of your accountant) much easier come tax time. Contact Aiden and learn more at www.180lawco.com. [email protected]om | 720-379-3425 Thumbs up & subscribe if you want more AUIYB! Follow Me! IG: @allupinyobusiness Twitter: @_AllUpInYoBiz www.facebook.com/180lawco www.google.com/+aidenkramerlawAUIYB www.pinterest.com/AUIYB The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 50 S. Steele Street, Suite 250, Denver, CO 80209. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. All Up In Yo’ Business® is a registered trademark of 180 Law Co. LLC. ©180 Law Co. LLC. All rights reserved.
Views: 356237 180 Law Co. LLC
Payroll Basics For Small Business
 
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Payroll basics for small business. Learn how to do payroll and payroll taxes yourself.
Views: 5097 C&S Technologies Inc.
Payroll Tax:  Social Security Taxes
 
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Payroll Tax: Social Security Taxes Social Security taxes are paid by the employee and the employer. As the employer, you will withhold 6.2% from your employee's paycheck for social security tax payments. You will them remit these payments on a monthly or semiweekly basis. Your company is also responsible for the other half of the social security payment (6.2%). The total social security payment is 12.4% of the employee's gross taxable wages. You are responsible for half and you employee is responsible for the other half. The social security is also part of FICA taxes. FICA taxes represents the medicare tax and social security tax.
Views: 8753 Karin Hutchinson
Withholding Taxes:  How to Calculate Payroll Withholding Tax Using the Percentage Method
 
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Withholding Taxes: How to Calculate Payroll Withholding Tax Using the Percentage Method There are multiple ways to calculate withholding taxes. One way is by using the Percentage Method. To begin using the Percentage Method, you must have the employees W-4 form. The employees W-4 form will outline how many allowances the employee is claiming. This information is always necessary when calculating withholding taxes. Your first step is to determine your payperiod, whether you are paying on a weekly, biweekly, or monthly basis. You will then multiply one withholding allowance for your payroll period by the number of allowances indicated on the employee's W-4 form. Next, you will subtract this amount from the employees wages. You will then go to Publication 15, pages 43-44 and use the Percentage Method Withholding Tables to determine the amount of withholding taxes for your employee. Please make sure that you are using the correct IRS table, the correct pay period section and the correct marital status column. All of these steps are outlined in the above video with two very detailed step by step examples.
Views: 112666 Karin Hutchinson
Self Employment and Payroll Taxes
 
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http://thebusinessprofessor.com/self-employment-and-payroll-taxes/
Views: 469 Jason Mance Gordon
How to Pay Less Tax (Legally) - Robert Kiyosaki
 
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Robert Kiyosaki will be speaking LIVE in: South Africa: http://www.nacsouthafrica.com/tv Catch PART 1 HERE:https://www.facebook.com/srseminars/videos/1118521498191246/ Subscribe to access more great videos, or check out: www.SRPL.net ========================== One of the reasons the rich keep getting richer is because when people say “Go to school and get a job” they’re telling their kids to become employees or small business owners. How much tax do they pay? Regular employees pay about 50% in tax while self-employed people like doctors, lawyers & accountants pay 60% tax. Business Owners on the other hand pay 20% tax with investors paying 0% tax. It is absolutely possible to go around paying 0% tax. You don't have to be a crook to not pay taxes, you just have to be smart. In fact, the government wants you to pay no tax. They use taxes as incentives to get you to do what they want you to do. The reason I pay no taxes is because I have four houses I live in but five thousand houses I rent out. By me providing housing, I pay zero tax -- because that's what the government wants me to do! - Robert Kiyosaki ========================== Robert Kiyosaki will be speaking LIVE in: South Africa: http://www.nacsouthafrica.com/tv Catch PART 1 HERE:https://www.facebook.com/srseminars/videos/1118521498191246/ Subscribe to access more great videos, or check out: www.SRPL.net
Views: 107429 Success Resources
How to Run Your First Payroll
 
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Here are the 5 steps to setting up payroll for the first time. 1) Get your IRS registration information in order, including your: - FEIN - Legal business name - Deposit schedule, which is sent by the IRS 2) Register with your state agencies These differ state by state, so make sure you're registered with the right agencies in your state. 3) Get all your employee paperwork together, including: - Form I-9, which confirms their eligibility to work in the US - Form W-4, which includes your employee's federal withholding allowances - Your state's W-4 equivalents, so you know how much to withhold for your employees' state income taxes 4) Pick a payroll schedule Pick one that's both compliant in your state and works for your business's natural cashflow cadence 5) File new hire reports with your state Every time you hire a new employee and run payroll, you need to file a new hire report within a short period of time. This notifies your state about the incoming payroll taxes, and, it allows the state to check if that employee needs any garnishments. You then give all that information to your CPA or payroll provider so they can set it up and start running payroll for your company. For more payroll basics, check out these resources: [READ] How to Read a Pay Stub: https://goo.gl/wjNbJe [READ] Decode Your Employee's Paycheck: https://goo.gl/mwuJHE [READ] What are Payroll Taxes? https://goo.gl/CYTGc2 [READ] Payroll Terms You Need to Know: https://goo.gl/y2ihMe [WATCH] How to Calculate a Paycheck for your Employees https://youtu.be/75IK5vEhHHw Ask Gusto is a YouTube series designed to answer your top payroll, HR, and benefits questions. New episodes come out weekly -- feel free to ask what's on your mind, and we'll answer it! Who is Gusto, exactly? Gusto serves over 40,000 small businesses across the country with a refreshingly easy payroll, benefits, and HR platform. For more small business answers, visit us at: https://www.gusto.com/ask-gusto To learn about Gusto, visit: https://www.Gusto.com.
Views: 6056 Gusto
How does UK Tax work? - What you need to know about HMRC & PAYE
 
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UK Tax can be confusing. This short video gives a visual explanation of how tax and tax codes work and uses some examples to show you how you pay tax. Further information on tax codes, taxable benefits and other deductions are covered in part 2. Check out other relevant videos: How do UK tax codes work (part 2)?: https://youtu.be/mYHLF0JOuCs Basic Finance Guide Part 1: https://youtu.be/gixva7aWFUg You can buy our handy personal finance spreadsheet from our ebay store here: http://www.ebay.co.uk/itm/162358884723 Or search for ‘Fast Finance Spreadsheet’ You can watch the spreadsheet tutorial here: https://youtu.be/75ttMLaVa2E Music: http://www.purple-planet.com Video: Videezy.com Pictures & Video: Pexels.com
Views: 35918 Fast Finance
Payroll Tax Advantages of an S-Corporation for Small Business Owners
 
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Payroll tax advantages to a small business owner by operating as an S-Corporation for additional personal tax savings.
Views: 12020 Charles Read
payroll services for small business best payroll companies for small businesses
 
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payroll services for small business best payroll companies for small businesses https://mbsy.co/jaredbrown/40665374 https://www.samoos.press/blog/payroll/payroll-services-for-small-business/ Attempting to do payroll on your own for your small business could put you at risk of facing IRS penalties and fines, late tax filings, and unhappy employees. A payroll services allows you to simply enter your employees’ basic hours and wages, and the filings, calculations, forms and other headaches are taken care of for you. The Basics of Payroll for small business When you pay a W-2 employee, you owe a certain percentage of their income to federal, state and local tax agencies. You also have to match what they pay in Social Security and Medicare taxes, as well as paying FUTA (Federal Unemployment Tax Act) and SUI (state unemployment insurance). Calculating small business payroll taxes can become complicated and if run into trouble doing it by yourself, who are you going to call? A payroll services takes care of this burden for you. And those pesky forms you have to put together at the end of the year? W-2s? 1099s? We prepare those for you and your employees. Stop Working on Payroll and Let Us Do the Work for You Get an affordable price – don’t pay for any more services than you need. We specialize in providing service to small businesses with 1 to 10 employees. Run payroll on your schedule – you can pay your employees from any device or location. No paperwork, no downloads, no hassles. Help when you need it – we pride ourselves on making payroll and payroll taxes automatically. However, when you have questions, we’re here to answer them six days a week with our award winning, U.S.-based customer care team. Do-It-Yourself Payroll As a small business owner, you may want to roll up your sleeves and tackle payroll yourself. However, you’ll need to set aside a few hours each pay period to calculate payroll, deductions, write checks and pay and file payroll taxes to the different agencies. SurePayroll lets you stay in control and finish payroll in just minutes, so you can focus on your business. DIY PAYROLL Payroll Software Some payroll software methods can handle the payroll calculations for you and provide the basic paperwork, but you’ll still need to pay and file on time or risk IRS fines. Plus, you’ll need to download and update software. You can eliminate all of that and get automatic tax pay and file with SurePayroll. PAYROLL SOFTWARE Online Payroll Services Most online payroll services can handle the payroll basics, but it’s the key items you may not realize that make a difference. As the pioneer of online payroll, SurePayroll has the most experienced team available. Free onboarding, free labor law posters, access to HR forms, free mobile apps, an award-winning U.S.-based customer care team available 6 days a week and a satisfaction guarantee are just part of what sets us apart. ONLINE PAYROLL Traditional Payroll Management With payroll services like ADP®'s traditional options, you can submit payroll by phone or fax, but it’s on their schedule and at a high price. With SurePayroll you can run payroll wherever and whenever and still get all payroll taxes handled, automatic new hire reporting and award-winning support at about half the cost. In order to help make your payroll setup easier, please select the business type that most closely matches your business. Select "General Business" if your business doesn’t fall into any of the other categories. General Business — Most small businesses fall into this category. INDUSTRY-SPECIFIC PAYROLL Church Payroll — If your business is a church or religious organization, you may be exempt from some payroll taxes. Church Payroll applies if you pay ministers clergy earnings and/or housing allowances. Note: You will be required to provide federal and/or state documentation to support any request for tax-exempt status. Household Employer Payroll — If you only pay household employees such as babysitters, housekeepers, caretakers, groundskeepers, or other domestic workers. Non-Profit Organization — If your business is non-profit, you may be exempt from some payroll taxes. Non-Profit Organization payroll is for most organizations exempt from federal income tax (FIT). If your organization is a church or place of worship, please enroll in Church Payroll. Note: You will be required to provide federal and/or state documentation to support any request for tax-exempt status. Officer Only Payroll — If your business is an S-Corporation without any employees except officers of the business. Officer-Only Payroll supports S-Corp 2% Owner earnings to reimburse owners for health and insurance premium expenses and reports this compensation in W-2 boxes 1 and 14. Restaurant Payroll — If your business serves food and/or beverages and your employees are compensated with credit card tips, cash tips, and/or multiple pay rates.
Views: 621 Youtube Review News
How Do I Budget A Small Business? Plus Self Employed Taxes 101
 
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"If you're self-employed, you pay the combined employee and employer amount, which is a 12.4 percent Social Security tax on up to $127,200 of your net earnings and a 2.9 percent Medicare tax on your entire net earnings." -SSA.Gov https://www.ssa.gov/pubs/EN-05-10022.pdf Quarterly Business Tax Payments "The rule is that you must pay your taxes as you go. If at filing time, you have not paid enough income taxes through withholding or quarterly estimated payments, you may have to pay a penalty for underpayment." - TurboTax https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Estimated-Taxes--How-to-Determine-What-to-Pay-and-When/INF12007.html Tools: Budgeting, Debt Snowball, Investing, Creditors http://gatewaypeople.com/ministries/stewardship/resources Website - http://gatewaypeople.com/ministries/stewardship Facebook - https://www.facebook.com/gatewaystewardship/ Instagram - https://www.instagram.com/gatewaystewardship/ Twitter - https://twitter.com/gwstewardship
Views: 29169 Gateway Stewardship
Introduction to business 2: Income and provisional tax
 
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Just started working for yourself? Find out about income tax and provisional tax the easy way, with this animated video from Inland Revenue.
Do I Have To Pay Tax On Landscaping Business Income?
 
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http://www.lawncaremillionaire.com - Learn about paying tax on landscape business income. Video discusses Sales Tax, Income Tax, Payroll Tax and more. The question is that an individual asked this business owner and this person owns a small business if he had the correct licensing and if he paid taxes on his gross recepits. This individual says, " I never knew I had to pay taxes for this work." I'm going to explain several things about this. He goes on to say if he pays tax, it will really damage his business. He also is asking about if he has licensing and insurance. I'm going to try and answer this question with some details.
Views: 12461 Lawn Care Millionaire
Fort Collins | Tax - Payroll Company Padgett | Part 1
 
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http://www.google.com/maps/place?oe=utf-8&rls=org.mozilla:en-US:official&client=firefox-a&um=1&ie=UTF-8&q=business+taxes+fort+collins&fb=1&gl=us&hq=business+taxes&hnear=Fort+Collins,+CO&cid=2153625589141636295&ei=mBpRTeTbG4n0tgOlnInDBg&sa=X&oi=local_result&ct=placepage-link&resnum=4&ved=0CDsQ4gkwAw http://localvideobiz.tv/blog/fort-collins-padgett-business-services-tax-payroll-business-advisory-firm/ 970-232-3088 Padgett Business Services of Fort Collins, CO. Fort Collins Tax Services, Payroll Services, Bookkeeping Services in Fort Collins for Small local businesses including retail businesses. 970-232-3088 http://padgettfortcollins.com
Views: 109 LocalVideoBiz
Taxes Are Killing Small Businesses
 
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Did you know that U.S. businesses are taxed at one of the highest rates in the developed world? How bad is it? And why should you care? Watch this short video to find out. Donate today to PragerU! http://l.prageru.com/2ylo1Yt This video is part of a collaborative business and economics project with Job Creators Network. To learn more about JCN, visit https://www.jobcreatorsnetwork.com. Joining PragerU is free! Sign up now to get all our videos as soon as they're released. http://prageru.com/signup Download Pragerpedia on your iPhone or Android! Thousands of sources and facts at your fingertips. iPhone: http://l.prageru.com/2dlsnbG Android: http://l.prageru.com/2dlsS5e Join Prager United to get new swag every quarter, exclusive early access to our videos, and an annual TownHall phone call with Dennis Prager! http://l.prageru.com/2c9n6ys Join PragerU's text list to have these videos, free merchandise giveaways and breaking announcements sent directly to your phone! https://optin.mobiniti.com/prageru Do you shop on Amazon? Click https://smile.amazon.com and a percentage of every Amazon purchase will be donated to PragerU. Same great products. Same low price. Shopping made meaningful. VISIT PragerU! https://www.prageru.com FOLLOW us! Facebook: https://www.facebook.com/prageru Twitter: https://twitter.com/prageru Instagram: https://instagram.com/prageru/ PragerU is on Snapchat! JOIN PragerFORCE! For Students: http://l.prageru.com/29SgPaX JOIN our Educators Network! http://l.prageru.com/2c8vsff Script: No matter where you come from, what your job is, or where you stand politically, you have to pay taxes. Uncle Sam needs taxpayer dollars to pay for things like schools, fire fighters, and the military. There are all sorts of different taxes: income taxes, payroll taxes and sales taxes just to name a few. But individuals aren’t the only ones who pay taxes—businesses pay income taxes too. Businesses that are set up as corporations pay taxes on their income at the US corporate tax rate of around 35 percent—one of the highest in the developed world. Countries like Ireland and Switzerland have corporate tax rates well under 25 percent, which can give companies based there a competitive advantage. But there’s another taxed group that we’re forgetting…small businesses. There are 29 million of them in the US and they employ nearly 56 million people. That’s a total of 85 million people dependent on the success of small businesses! Small businesses are most often set up as sole proprietorships, partnerships or another designation called an S-corp. But the money they make isn’t taxed at the corporate rate. The profits earned by these small businesses are “passed through” to the owner and counted as individual income on their personal tax return. That’s why you might hear small businesses referred to as “Pass-throughs.” These entrepreneurs can pay tax rates as high as 40 percent not including additional state and local taxes, that means many American small businesses are being taxed at a higher rate than businesses anywhere in the world. Why should you care? Because high taxes hurt small businesses ability to grow and expand, causing them to raise prices or even trim jobs to stay within their budget constraints. Lowering taxes for small businesses or “pass-throughs” results in the growth of small businesses—allowing them to provide more jobs and boost the economy for everyone. After all two thirds of all new jobs come from small businesses and lowering taxes can have a big effect on the entire economy for all Americans. So the next time you hear someone supporting an increase in tax rates on businesses, remember that very important group of small business owners and the 85 million people dependent on their success.
Views: 414747 PragerU
Accounting for Beginners #52 / Payroll / Employer taxes  / Employer FICA match / Accounting 101
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #52 / Payroll / Employer taxes / Employer FICA match / Accounting 101. We stayed on the topic of Payroll in this video. But we changed hats to think of weekly payroll in the eyes of the employer instead of the employee as we did in the last video. The employer has to mach the employees Social Security and Medicare and give to the Tax man . The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 9091 CPA Strength
Tax Tip for S-Corporation Owners: How to Pay Yourself
 
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Emily Cowan, C.P.A., a Tax Consultant with Henssler Financial, explains how you can pay yourself as the owner of an S-Corp. Paying yourself a reasonable salary, withholding the proper FICA tax, and taking the proper distributions from the business are some of the most important steps to take. Fan and Follow Henssler Group -- Download the Henssler App Facebook: http://on.fb.me/14IxKoA Twitter: http://bit.ly/13rGJbI LinkedIn: http://linkd.in/17n8uTI YouTube: http://bit.ly/ehBglQ
Views: 55288 HensslerFinancial
Intuit QuickBooks Payroll  - Create a Paycheck for S-Corp with Tax Tracking of Fringe Benefit
 
02:52
This video walks through the process of reporting S-Corp Medical benefits that you have paid for the year to your qualified shareholders with a focus on tax tracking of Fringe Benefit where it is subject to all taxes.
Views: 6266 IntuitPayrollSupport
Failing to Remit Sales Taxes and Payroll Taxes
 
05:57
Here is what you need to know to avoid trouble with trust fund taxes, such as sales taxes and payroll taxes. If you make a mistake with these, it could sink your business. If you like this video, please LIKE, SUBSCRIBE, & SHARE! Check out our website: www.masseyandcompanyCPA.com Check out our Facebook page: https://www.facebook.com/Masseyandcompany/ Check out our LinkedIn page: https://www.linkedin.com/company/6589375/admin/
How to Pay Myself In a S-corporation (S-corp)? [LLC comparison too!]
 
04:32
Where's my S-corp tax savings!? First, you must pay yourself! Second, you must earn more than 'your standard' pay! Check out the video for more!
7 Payroll Mistakes to Avoid | Payroll Processing
 
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7 Payroll Mistakes to Avoid http://turnkeydoc.com/accounting/payroll-timekeeping/payroll-processing/ Your business is growing. But learning how to pay employees correctly can be a little overwhelming. What Forms need to be filed or which taxes need to be collected and paid? As you probably know, Payroll involves more than just writing checks to employees. Here are 7 common mistakes to avoid. #1 is Employment Taxes. Miscalculating federal and state taxes or missing payroll tax deposits and filing deadlines can result in large penalties. #2 is improper calculations for overtime payments. Not all states are the same. Some require that Overtime start when an employee reaches 40hrs a week and others when they work more than 8 hours in one day. Check with your state department of labor website to make sure you are calculating payrolll amounts correctly. #3 is Failure to process Garnishments, Levies or Child Support Payments with payroll. This is an important one because failure to properly and timely process the wage garnishment can result in the responsibility of the employer to pay the judgment. #4 has to do with Poor Payroll Record Keeping and Data Collection. Having a clear time keeping system where the employee signs off on their time either electronically or manually can not only help protect you against potential wage claims brought by a disgruntled employee. #5 involves Payroll tax rate changes. Rates change, especially unemployment tax rates. Pay attention to all notices received and be sure to change your calculations accordingly #6 is incorrectly classifying workers as W2 Employees verse 1099 independent contractors when processing payroll. Remember, this is governed by state regulations, not by the company or worker. #7 is tracking paid time off. Estimates say that nearly every worker will take at least three paid time off days that aren't tracked by their employer when payroll is run. This can add up quickly, so tracking hours earned and taken can potentially save you thousands of dollars a year. How can you ensure you stay compliant while processing payroll? Many accountants will recommend using a professional payroll company. We tend to agree. Here’s why. Payroll companies stay on top of federal, state and local tax changes, file your tax payments, track vacation time, calculate OT and even take care of paying garnishments. Whether you decide to process payroll inhouse or with an outside company you will need tools such as time sheets and payroll entry reports. To download these and many more visit us at www.turnkeydoc.com http://youtu.be/0f4l34Iv1X4 http://turnkeydoc.com https://plus.google.com/u/0/b/107057463999675049074/107057463999675049074/about Facebook: https://www.facebook.com/pages/Turn-Key-Doc/298240720333688 Twitter: https://twitter.com/turnkeydoc/ Youtube Channel: https://www.youtube.com/channel/UC8LlHO8tJf-w-BmhdJobdCw
Views: 9706 Turn Key Doc
What are Payroll Taxes
 
07:37
What is FICA and what exactly does Payroll Tax cover? How does a business owner or employee budget for the Payroll tax? What does it mean for employers and self employed business owners? What do the 2013 new Medicare taxes mean for employers? How should employers stay up to date on Federal and State employment taxes for employers?
S-corporation owner payroll
 
05:40
S-corporation owners are required to pay themselves on payroll. The amount has to be "reasonable," which has no definition by the IRS. A good rule of thumb is not to take more than 3 times the distributions than you have in salary. Questions or comments? Post them below! Need to contact Bette? Office- 888-983-2558 [email protected] http://bettehochberger.com
Views: 8520 Bette Hochberger Inc
Should I Pay Myself Salary or Dividends from my Corporation?
 
05:29
Should I pay myself salary or dividends from my corporation? This is a very common question that I encounter in my accounting practice in Mississauga & Oakville, and the answer can make a big difference in your bottom line. http://madanca.com/blog/should-i-pay-myself-salary-or-dividends-from-my-corporation-as-a-business-owner/ Follow us on Twitter - https://twitter.com/Madan_CA Like us on Facebook - https://www.facebook.com/MadanCharteredAccountant Add us on Google Plus - https://plus.google.com/u/1/108551869453511666601/posts Download any of our free eBooks available on our website: http://madanca.com/free-tax-secrets/ (Including Tax Tips for Canadians, Personal Tax Planning Guide for Canadians: 2014 Edition and 20 Tax Secrets for Canadians) Table of contents 00:46 -- Salary (Advantages) 02:04 -- Salary (Disadvantages) 02:48 -- Dividends (Advantages and Disadvantages) 04:27 - Breakdown About the Author -- Allan Madan -- Accountant Mississauga Allan Madan is a Chartered Accountant and a Tax Expert in the Toronto, Mississauga and Oakville regions of Ontario, Canada. If you found this article useful, Allan Madan encourages you to visit his website http://madanca.com for additional tax tips and more information on this topic. Also, get access to Allan Madan's Free Report, "20 Tax Secrets on How to Beat the Tax Man," http://www.siteproweb.com/20-free-tax-secrets-from-allan-madan Disclaimer: The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.
Views: 59308 Allan Madan
How To Pay Yourself as a Business Owner
 
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How to pay yourself as a business owner: watch the video for advice on paying yourself as a small business owner from Nashville CPA Evan Hutcheson (http://www.evanhcpa.com). In the video, I go over certain issues regarding payroll for startup companies in Tennessee. One of the first, and most important, things you need to make sure you understand and do correctly is how to pay yourself as a business owner, and paying your employees if you have any employees. First you need identify the type have entity that you are, whether it’s an LLC or a corporation. If you're an LLC and you have no employees, then you do not actually need to set up payroll for yourself. You can simply transferring money from your business account to your personal account to pay yourself as the business owner. It's always a good idea to set up some sort of budget to establish control over the withdrawals that you make. If you're a corporation on the other hand, with or without employees, you still need to set up payroll. Shareholders of corporations pay themselves through payroll instead of taking withdrawals like an LLC owner. As I go over in the video,there are many ways to pay yourself as a business owner when doing payroll. You can hire a payroll company to issue your payroll, try to do it yourself or have a CPA do it. It is possible to do it yourself if it's not very complex. In that case you can just use a spreadsheet. I go through an example in the video showing you what categories you need for a spreadsheet: gross pay; net pay; payroll tax liabilities; employer and employer social security; and employer Medicare tax, both of which are tax deductible by the way. I go into these categories in depth. So watch the video to learn about how to pay yourself as a business owner. Please share this video about paying yourself as a business owner: http://www.youtube.com/watch?v=2QAmJFD4V8k Subscribe to my Channel: http://www.youtube.com/user/EvanHutchesonCPA Follow Me: http://www.facebook.com/EvanHutchesonCpa http://twitter.com/Nashville_CPA http://plus.google.com/+Evanhcpa/about http://www.linkedin.com/pub/evan-hutcheson/30/909/746 You might like this video too: http://www.youtube.com/watch?v=THzREyqpjbE How To Pay Yourself as a Business Owner Startup Business Tennessee
What Is the Payroll Tax Withholding on a Weekly Income?
 
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What Is the Payroll Tax Withholding on a Weekly Income?. Part of the series: Tips on Managing a Business. Payroll tax withholding on a weekly income is calculated in a very specific way. Learn about payroll tax withholding on a weekly income with help from a versatile business and financial consultant in this free video clip. Read more: http://www.ehow.com/video_12200755_payroll-tax-withholding-weekly-income.html
Views: 188 ehowfinance
Reasons Why You Should Hire an Outsourced Payroll Company
 
02:23
Accounting To Taxes has come with compelling reasons why you should hire a payroll outsourcing company for your business. We hope this video may be useful for you as it includes some common payroll mistakes and benefits of hiring outsourcing payroll firm. To get a free trial of payroll services, visit our website: http://www.accountingtotaxes.com +1 646 688 2821 Let's get connected on other platforms: Website: http://www.accountingtotaxes.com Facebook: https://www.facebook.com/AccountingtoTaxes/ Twitter: https://twitter.com/accounts2taxes LinkedIn: https://www.linkedin.com/company/accounting-to-taxes/
Views: 107 Accounting To Taxes
New Tax Rules for Small Businesses in Canada (2018)
 
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Do you own an incorporated small business? This video will reveal the new changes made to small business taxation, which you should be aware of. 0:44 – 1. Increase in Dividend Tax 2:13 – 2. Family Trusts 4:04 – 3. Tax on Investment Income Visit our website for more information and tax-related advice: http://madanca.com Follow us on social media Twitter: https://twitter.com/Madan_CA Facebook: https://www.facebook.com/MadanCharter... Instagram: https://www.instagram.com/madanaccoun... Google+: https://plus.google.com/1085518694535... Download any of our free eBooks available on our website: http://madanca.com/free-tax-secrets/ (Including Tax Tips for Canadians, Personal Tax Planning Guide for Canadians: 2014 Edition and 20 Tax Secrets for Canadians) Disclaimer: The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. All figures and dollar amounts are used for example purposes only. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.
Views: 34520 Allan Madan
Reconciling your 2018 Payroll Tax: Non-grouped companies
 
03:06
Are you a non-grouped company that pays wages that exceed the NSW payroll tax threshold? You must lodge your Annual Reconciliation. Here is a guide to completing your Payroll Tax Annual Reconciliation lodgement.
Views: 877 Revenue NSW
Tax Advantages While Using S-Corporation
 
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The S corporation provides Schedule K-1s that reports each shareholder's share of income, losses, deductions and credits. The shareholders use the information on the K-1 to report the same thing on their individual tax returns. This income is not subject to the “Self Employment” Tax.
Views: 12758 Tax Care
Do you Know How Canadian Tax Works? | Your Money, Your Choices
 
06:39
In today’s episode, I’m going to give you some insights into the world of taxes so that you can make the type of personal financial decisions that help you pay just what you need to and not more. If you have any questions after watching my video, make sure to leave them in the comment section below! Update: There is a calculation error at 1:19. It should be $44,718 with tax of 9,167.19 (at 20.5%) for total taxes of $15,959.19 and an average tax rate of 17.7% (74,040.81 leftover after taxes). ---------------------------------------------------- Visit PWL Capital: https://goo.gl/uPcXg7 Follow PWL Capital on: - Twitter: https://twitter.com/PWL_Capital - Facebook: https://www.facebook.com/PWLCapital - LinkedIN: https://www.linkedin.com/company/pwl-capital Follow Susan Daley on - Twitter: https://twitter.com/_SusanDaley - LinkedIN: https://linkedin.com/in/daleysusan
Views: 38662 Susan Daley
Tax Difference between LLC and S-Corp - LLC vs. S Corporation explanation (FREELANCE TAX & 1099 Tax)
 
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Best LLC vs. S-Corp walk through on the internet! Follow us at: Twitter - https://twitter.com/feedbackwrench Facebook - https://facebook.com/feedbackwrench Instagram @feedbackwrench What's the tax difference between an LLC and an S-Corp? What's better, an S Corp or an LLC? How to convert to an S Corporation? Are there tax savings when you become an S-Corp? What business type should I be? How to choose a business type? There are dozens of questions that people have concerning their business entity type. The bottom line is that people are usually trying to pay their fair share and not a penny more - that's the most important thing to them. If you're looking for tax planning advice, ways to reduce your taxes, legal tax loopholes, the best tax loopholes for small business or the best tax write offs for small business - the foundation starts with your business entity type. You should make a wise decision about becoming a limited liability company taxed as a sole proprietor or an S-Corp, because it might save you in self employment, social security and medicare taxes. Social security taxes for an S-Corp are important to figure out! So is figuring out the medicare taxes on an LLC or an S-corp. We hope this video helps you out a ton!
Views: 270748 FeedbackWrench
How to pay Payroll Taxes through QuickBooks
 
19:18
Want to learn E-Pay instead: https://canduskampfer.com/epay-to-pay-payroll-taxes-in-quickbooks/ Join my Quarterly and Year End Forms Course and learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: QBO: https://canduskampfer.com/YearEndFormsQBO Desktop: https://canduskampfer.com/YearEndTaxForms Don't miss a tip, Join my Tips & Tricks: https://CandusKampfer.com/tips Candus' Free Mini Course: https://canduskampfer.com/minicourse/ Find out how to Join my QuickBooks Simplified Community: http://quickbookssimplified.com Are you new to QuickBooks or are you struggling to figure out the software? Would you love a course that is step by step vs searching for each answer and trying to figure it all out on your own? I would like to share with you my course called Confidence with QuickBooks. Everyone who has taken the course loves it. For more details visit: http://ConfidenceWithQuickBooks.com If you need help with QuickBooks, set up an appointment here: https://canduskampfer.com/private-sessions-with-candus/ Click here to be notified of upcoming Webinars & Workshops: https://canduskampfer.com/webinar-wai... Learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: https://canduskampfer.com/quarterly-and-year-end-forms-cou Have a great day! Candus :)
Views: 28886 Candus Kampfer
Calculating state taxes and take home pay | Taxes | Finance & Capital Markets | Khan Academy
 
06:30
Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/taxes-topic/taxes/v/marriage-penalty?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/taxes-topic/taxes/v/calculating-federal-taxes-and-take-home-pay?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Benjamin Franklin (and several other writers/philosophers) tells us that "In this world nothing can be said to be certain, except death and taxes." He's right. This tutorial focus on personal income tax. Very important to watch if you ever plan on earning money (some of which the government will take for itself). About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 65844 Khan Academy
Example: Payroll Tax Liability and Expense | Intermediate Accounting | CPA Exam FAR | Chp 13
 
24:05
Companies also report as a current liability amounts owed to employees for salaries or wages at the end of an accounting period. In addition, they often also report as current liabilities the following items related to employee compensation. 1.Payroll deductions. 2.Compensated absences. 3.Bonuses. Payroll Deductions The most common types of payroll deductions are taxes, insurance premiums, employee savings, and union dues. To the extent that a company has not remitted the amounts deducted to the proper authority at the end of the accounting period, it should recognize them as current liabilities. Social Security Taxes. Since January 1, 1937, Social Security legislation has provided federal Old Age, Survivor, and Disability Insurance (OASDI) benefits for certain individuals and their families. Funds for these payments come from taxes levied on both the employer and the employee. Employers collect the employee's share of this tax by deducting it from the employee's gross pay, and remit it to the government along with their share. The government taxes both the employer and the employee at the same rate, currently 6.2 percent based on the employee's gross pay up to a $118,500 annual limit. The OASDI tax is usually referred to as FICA (the Federal Insurance Contribution Act).
Are S-Corporation Distibutions Taxable?
 
05:44
"I am on payroll and receive a paycheck but also take out distributions. Are distributions from my S-Corporation taxable?" Generally, no. You are taxed on the net profit of the business in any given year. Whether you take it out as distributions or leave it in the company, you will be taxed on it in the year that you made it. Let's apply some numbers to this. Let's say in 2014 you made $100,000 income and had $75,000 in expenses. Your net profit (income minus expenses) is $25,000. This is the business income that you will be taxed on in 2014. You can leave it in the business bank account or take it out as distributions, but that $25,000 is taxable income either way. In addition, let's say you took $15,000 out as distributions in 2014 leaving $10,000 in the business bank account. Moving to the next year: In 2015, your net income was only $10,000. You proceeded to take out $15,000 in distributions. This is over what you made in 2015! Are you taxed on this? The answer is NO. Why not? You still have $10,000 from 2014 in "retained earnings". You have already been taxed on that number in 2014. This is a complex topic that tends to confuse business owners. If you have any questions or need further guidance, it's best to contact us for help.
Views: 10355 ILMTaxDiva
S-Corporation Form 2553 How It Works and Saves Tax Dollars on Small Business How To Lower Your Taxes
 
22:58
S-Corporation Form 2553 How It Works and Saves Tax Dollars on Small Business How To Lower Your Taxes ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp Business ownership is adventurous, rewarding, and completely confusing. Sure you can come up with the next business idea and change the world with a single event, but how do you organize and run the business side of that idea? Should you set up an LLC and how should it be taxed? Are you prepared to streamline this new business venture and idea? What information should you consider in your business that's meaningful, and when do you implement it? Where do you go to find the best tools possible for your business? How do you save money on taxes? Where do you set up your new company? What technology should you use to make running your business easier? These aren't the things that we learn in school, and chances are you don't have time for trial and error. You're here to make money doing what you love, and I'm here to make that easier for you and absolutely practical. ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp In this Bootcamp for Converting to S-Corp (Form 2553), you will walk away with knowledge such as; How do you to properly start your business, ~ Why you should consider S-corporation (Form 2553) for your business venture, ~ How do you properly complete S-Corporation (Form 2553) correctly when you are NOT late in electing, ~ How do you properly complete S-Corporation (Form 2553) correctly when you ARE late in electing, ~ What are the IRS S-corporation expectations and requirement for your S-Corporation (Form 2553), ~ What are the best 2018+ tax reform business savings for my S-Corporation (Form 2553), ~ What are the best business and accounting apps to use to make running a business easier and are there exclusive offers for them through AdvisorFi.com, and much more! ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp By the end of this S-Corp Bootcamp, your business venture will be in tip-top shape to make your dreams and tax savings become reality. You'll have a complete plan for how to set up your business venture correctly that saves you money and time, and rolling out the best technology that will make business ownership as an S-Corporation a breeze! This online course is the first of it's kind and is the beginning of a series of educational online products to be created by Will Lopez, Founder of AdvisorFi. Needless to say, we are excited to show you how successful business ownership is really done. :) ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp Video tutorial to learn more about how to structure your company, the tax classifications of LLC's and INC's, and how the S-Corporation tax status by a Small Business may be the choice for you! =========== FREE Consultations (CLICK☞): http://meetme.so/freebie =========== RECOMMENDED Gusto Payroll (CLICK☞): https://gusto.com/r/uBiOb =========== Subscribe (CLICK☞): https://goo.gl/o8hRuk =========== Best Playlist (CLICK☞): https://goo.gl/99mHD2 =========== Xero Profile: https://www.xero.com/us/advisors/accountant/2014/advisorficom/ =========== Reasonable Salary: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporation-Compensation-and-Medical-Insurance-Issues S-Corp Calculator: http://www.myllc.com/corporation-calculator.aspx SE Tax: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employment-Tax-Social-Security-and-Medicare-Taxes LLC Tax Classifications: http://www.companiesinc.com/llc/tax-classifications.asp What S-Corp Approval Looks Like: https://www.irs.gov/pub/notices/cp261_english.pdf =========== FREE Consultations (CLICK☞): http://meetme.so/freebie =========== Gusto Payroll (CLICK☞): https://gusto.com/r/uBiOb =========== Subscribe (CLICK☞): https://goo.gl/o8hRuk =========== Best Playlist (CLICK☞): https://goo.gl/99mHD2 =========== Xero Profile: https://www.xero.com/us/advisors/accountant/2014/advisorficom/ =========== Key Words: S-Corporation, Form 2553, Small Business, Partnership, Sole Proprietorship, C-Corporation, Tax Classifications, Small Business Election, Entrepreneur, Xero, Xero Accounting, Xero Partner Program, Silver Award, Bang the Keyboard, What's In The Box, Unboxing, Debit Cash Credit Life, Not So Shabby, Accounting, Rod Drury, Tsheets, Zenefits, ThrivealCPAs, Gusto Payroll, ★ Please LIKE Comment & SUBSCRIBE: https://goo.gl/o8hRuk ★ Thanks for watching http://AdvisorFi.com ★ Music from YouTube: https://www.youtube.com/audiolibrary/music #Accounting #Business #Taxes
Views: 50510 advisorfi.com
S Corporation Form 2553: How To Pay Yourself Reasonable Compensation Reasonable Salary Gusto Payroll
 
33:44
S Corporation (Form 2553) Reasonable Compensation Reasonable Salary How To Pay Yourself Gusto Payroll. ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp Business ownership is adventurous, rewarding, and completely confusing. Sure you can come up with the next business idea and change the world with a single event, but how do you organize and run the business side of that idea? Should you set up an LLC and how should it be taxed? Are you prepared to streamline this new business venture and idea? What information should you consider in your business that's meaningful, and when do you implement it? Where do you go to find the best tools possible for your business? How do you save money on taxes? Where do you set up your new company? What technology should you use to make running your business easier? These aren't the things that we learn in school, and chances are you don't have time for trial and error. You're here to make money doing what you love, and I'm here to make that easier for you and absolutely practical. ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp In this Bootcamp for Converting to S-Corp (Form 2553), you will walk away with knowledge such as; How do you to properly start your business, ~ Why you should consider S-corporation (Form 2553) for your business venture, ~ How do you properly complete S-Corporation (Form 2553) correctly when you are NOT late in electing, ~ How do you properly complete S-Corporation (Form 2553) correctly when you ARE late in electing, ~ What are the IRS S-corporation expectations and requirement for your S-Corporation (Form 2553), ~ What are the best 2018+ tax reform business savings for my S-Corporation (Form 2553), ~ What are the best business and accounting apps to use to make running a business easier and are there exclusive offers for them through AdvisorFi.com, and much more! ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp By the end of this S-Corp Bootcamp, your business venture will be in tip-top shape to make your dreams and tax savings become reality. You'll have a complete plan for how to set up your business venture correctly that saves you money and time, and rolling out the best technology that will make business ownership as an S-Corporation a breeze! This online course is the first of it's kind and is the beginning of a series of educational online products to be created by Will Lopez, Founder of AdvisorFi. Needless to say, we are excited to show you how successful business ownership is really done. :) ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp =========== Gusto Payroll (CLICK☞): https://gusto.com/r/uBiOb =========== FREE Consultations (CLICK☞): http://meetme.so/freebie =========== Subscribe (CLICK☞): https://goo.gl/o8hRuk =========== Best Playlist (CLICK☞): https://goo.gl/Kvb41h =========== IRS: Reasonable Compensation: "S corporations must pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made to the shareholder-employee. The amount of reasonable compensation will never exceed the amount received by the shareholder either directly or indirectly." Reasonable Salary: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporation-Compensation-and-Medical-Insurance-Issues LLC Tax Classifications: http://www.companiesinc.com/llc/tax-classifications.asp Key Words: S-Corporation, Form 2553, Small Business, Partnership, Sole Proprietorship, C-Corporation, Tax Classifications, Small Business Election, Entrepreneur, ★ Please LIKE Comment & SUBSCRIBE: https://goo.gl/o8hRuk ★ Thanks for watching http://AdvisorFi.com ★ Music from YouTube: https://www.youtube.com/audiolibrary/music #Accounting #Business #Taxes
Views: 34741 advisorfi.com
Form 941 - Quarterly Payroll Tax Form - How Fill Out
 
14:52
The form 941 is a quarterly payroll tax form. Form 941 is filed four times a year and report payroll liability and deposits for federal income tax (FIT), social security, and Medicare, the FICA taxes. Form 941 is not used to calculate what we owe so we can make quarterly payment. Form 941 is an information return. In other word, we should already have paid the IRS for FICA and FIT before completing form 941. Form 941 will recalculate taxes owed for the quarter and payments made. Form 941 will calculate both the employer and employee portion of payroll taxes. Federal income tax withholding are all employee taxes while social security and medicare have an employee and employer portion. For more accounting information see website. http://accountinginstruction.info/courses/
Current Liabilities Accounting (Payroll Deductions, Employee Vs Employer Payables & Expense)
 
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Accounting for payroll deductions as employee related liabilities, common types of payroll deductions are taxes, insurance premiums, employee savings & union dues etc., If a company has not remitted in the amounts deducted to the proper authority at the end of the accounting period, it should recognize them as a Current Liability, Examples of governmental types of payroll withholding taxes, (1) Social Security Taxes (FICA): Report the amount of unremitted tax on the gross wages paid as a Current Liability & as an Operating Expense, (2) Unemployment Taxes (FUTA): Record the amount of accrued but unpaid employer contributions as an Operating Expense & as a Current Liability when preparing financial statements and (3) Income Tax Withholding (Federal & State): Tax laws require employers to withhold from each employees pay the applicable income tax due on those wages, example explains that these withholdings have to be broken down between (1) employee payroll deductions and (2) employer payroll taxes where current liability payable accounts have to be setup for both employee and employer with wage expense for employee payroll deductions and payroll tax expense for employer payroll deductions, detailed accounting by Allen Mursau
Views: 34158 Allen Mursau
S Corporation Form 2553: The Top 4 Best Tax Deductions for Small Business Start Up Biz S Corporation
 
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S Corporation Form 2553: The Top 4 Best Tax Deductions for Small Business Start Up Biz S Corporation ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp Business ownership is adventurous, rewarding, and completely confusing. Sure you can come up with the next business idea and change the world with a single event, but how do you organize and run the business side of that idea? Should you set up an LLC and how should it be taxed? Are you prepared to streamline this new business venture and idea? What information should you consider in your business that's meaningful, and when do you implement it? Where do you go to find the best tools possible for your business? How do you save money on taxes? Where do you set up your new company? What technology should you use to make running your business easier? These aren't the things that we learn in school, and chances are you don't have time for trial and error. You're here to make money doing what you love, and I'm here to make that easier for you and absolutely practical. ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp In this Bootcamp for Converting to S-Corp (Form 2553), you will walk away with knowledge such as; How do you to properly start your business, ~ Why you should consider S-corporation (Form 2553) for your business venture, ~ How do you properly complete S-Corporation (Form 2553) correctly when you are NOT late in electing, ~ How do you properly complete S-Corporation (Form 2553) correctly when you ARE late in electing, ~ What are the IRS S-corporation expectations and requirement for your S-Corporation (Form 2553), ~ What are the best 2018+ tax reform business savings for my S-Corporation (Form 2553), ~ What are the best business and accounting apps to use to make running a business easier and are there exclusive offers for them through AdvisorFi.com, and much more! ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp By the end of this S-Corp Bootcamp, your business venture will be in tip-top shape to make your dreams and tax savings become reality. You'll have a complete plan for how to set up your business venture correctly that saves you money and time, and rolling out the best technology that will make business ownership as an S-Corporation a breeze! This online course is the first of it's kind and is the beginning of a series of educational online products to be created by Will Lopez, Founder of AdvisorFi. Needless to say, we are excited to show you how successful business ownership is really done. :) ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp =========== Gusto Payroll (CLICK☞): https://gusto.com/r/uBiOb =========== FREE Consultations (CLICK☞): http://meetme.so/freebie =========== Subscribe (CLICK☞): https://goo.gl/o8hRuk =========== Best Playlist (CLICK☞): https://goo.gl/Kvb41h =========== IRS: Reasonable Compensation: "S corporations must pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made to the shareholder-employee. The amount of reasonable compensation will never exceed the amount received by the shareholder either directly or indirectly." Reasonable Salary: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporation-Compensation-and-Medical-Insurance-Issues LLC Tax Classifications: http://www.companiesinc.com/llc/tax-classifications.asp Medical Insurance: https://www.irs.gov/publications/p535/ch06.html#en_US_2016_publink1000208843 Section 179: https://www.irs.gov/publications/p946/ch02.html#en_US_2016_publink1000107395 Mileage Deduction: https://www.irs.gov/uac/car-and-truck-expense-deduction-reminders Solo 401k Deductions: https://www.irs.gov/retirement-plans/one-participant-401k-plans Key Words: S-Corporation, Form 2553, Small Business, Partnership, Sole Proprietorship, C-Corporation, Tax Classifications, Small Business Election, Entrepreneur, ★ Please LIKE Comment & SUBSCRIBE: https://goo.gl/o8hRuk ★ Thanks for watching http://AdvisorFi.com ★ Music from YouTube: https://www.youtube.com/audiolibrary/music #Accounting #Business #Taxes
Views: 12241 advisorfi.com
How to write-off your kids' expenses on your taxes
 
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SUMMARY: If you have kids you know how expensive they can be. From the necessities to all the extras; the toys, the clothes, the entertainment, the extra curricular activities and so on... wouldn’t it be nice to get a brake and be able to write all of those expenses off on taxes? RECAP OF THE VIDEO: I am a real estate investor and a mother and in my business I don’t just focus on implementing strategies that allow me to make more money, but also focus on incorporating strategies that will allow me to keep the maximum amount of money that I make. In this video I will share a strategy that will allow you to keep more of your money by writing-off your kids’ expenses on your taxes. To implement this strategy you must get your kids involved in your business by putting them on payroll and paying them a salary. You can begin to put your kids on payroll as soon as they turn 6 years old and start giving them small jobs such as stuffing envelopes, shredding paper, cleaning, filing, bookkeeping, scanning... By taking this approach not only will you be saving taxes, but you will be teaching your kids small business ownership skills, self reliance and a concept of a job well done. To be able to pay your own kids, each one of them needs to have their own bank accounts set up and whether you operate as a Sole Proprietor or an LLC you will be paying your kids directly to their bank accounts from your business account if they are under 18 years of age, if they are 18 or older then issue them a 1099 or W2. If you operate your business as an S-Corp then you will need to set up a “Family Management Company” (but is only needed if paying children under 18 years old) which will operate as a Sole Proprietor and pay that “Family Management Company” the kids salary as a fee then transfer the money from there into their bank accounts, but if you have an S-Corp. and you are paying kids that are 18 or older you do not need the “Family Management Company” just issue them a 1099 or W2. The benefit of paying your own kids is that if they are under 18 years of age you do not need to issue workers comp. or FICA (except in Washington) also they will not need to file taxes if you pay them $6350 (in 2017) / year or less. Bonus [Real Estate Investing] Strategy: Now that your kids have earned income they can fund a ROTH-IRA which can become a partner in your next LLC which purchases a rental property and when you sell the rental property the money goes back to the ROTH-IRA and comes out tax free for college or retirement. ★☆★ Part 2 of this video series ★☆★ https://youtu.be/tT1uhgSzpmc ★☆★ TO LEARN THESE STRATEGIES GET THE FOLLOWING BOOKS ★☆★ 1.) The Tax and Legal Playbook: Game-Changing Solutions to Your Small-Business Questions: TO GET THIS BOOK CLICK THE LINK -https://goo.gl/DKqXTZ 2.) What Your CPA Isn't Telling You: Life-Changing Tax Strategies: TO GET THIS BOOK CLICK THE LINK - https://goo.gl/NxyopY 3.) The Business Owner's Guide to Financial Freedom: What Wall Street Isn't Telling You: TO GET THIS BOOK CLICK THE LINK -https://goo.gl/5vGJKq ★☆★ SUBSCRIBE TO MY YOUTUBE CHANNEL FOR VIDEOS ABOUT REAL ESTATE AND BUSINESS ★☆★ ► Velocity Banking/Real Estate Investing/Tax&Legal Course - Please email me at [email protected] for more information. ★☆★ CONNECT WITH ME ON SOCIAL MEDIA ★☆★ FACEBOOK: https://www.facebook.com/Laura-Pitko-1464576883611081/ INSTAGRAM: https://www.instagram.com/laura_pitko24/ DISCLAIMER: I (Laura Pitkute) am committed to providing legal and ethical information to the best of my knowledge at all times, but I (Laura Pitkute) am not a certified CPA, nothing I say in this video or comments should be taken as legal advice. Prior to applying any strategies I share in my videos or comments please consult with a competent professional.
Views: 29392 Laura Pitko
How to Pay Yourself in a Single Member LLC
 
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In today's video, I share with you the proper method to pay yourself if you own a Single Member LLC. Single Member LLC's are one of the most powerful and flexible legal entities that most online entrepreneurs use to protect not only their business, but also their personal assets. However, if you don't set up the LLC properly, it won't provide you any protection at all. Today we talk about how to pay yourself if you have set up a Single Member LLC. This will be especially helpful for you solopreneurs out there who are building businesses on the side. To schedule a phone conference: http://bit.ly/2KLHyIE Support my channel on Patreon: http://bit.ly/2E3FOd7 I've written a more in depth blog post on this issue at my website: http://bit.ly/2a2GMYy I have also prepared a business building legal checklist that you can download at the following link: https://www.hawthornlaw.net/cheatsheet For more information, you can check me out at: http://www.hawthornlaw.net Or find me on Social at: Twitter: http://www.twitter.com/hawthornlg Snapchat: @jimhart518 Facebook: http://www.facebook.com/hawthornlaw Or join our free online community at: http://www.hawthornlaw.net/facebook
Views: 216400 Hawthorn Law
Accounting Services Irvine - Irvine CPA Discusses Payroll Taxes
 
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Accounting Services Irvine http://cpa-accountant-irvine.com Let's talk about 2012 pay tax for employers. Each year millions of business owners have to report payroll taxes for their employers. Irvine CPA understands the process can be daunting, especially if you have a large number of employees. Some of the benefits of filing payroll taxes can be very good for your business too. You should be prepared to file taxes for both federal and state taxes, with the exception of certain states such as the state of Nevada. Checking with your local state office to see if state taxes are owed in your particular state. Payroll taxes are the state and federal taxes that you as an employer are required to withhold in/or to pay on behalf of your employees. You are required to withhold state and federal income taxes as well as social security and medicare taxes from your employees' wages. This is to ensure proper filing with the IRS for payroll tax for employers. This information will also vary greatly based on the number of employees you have at your business and how this information is treated. For example, if you're reporting taxes for employees; employees will fill out the W4 form with all his or her information. This will mean that you as the employer are paying toward the taxes on a paycheck basis. If your employees are independent contractors, they will fill out a 1099 form and the employees are responsible for filing their own taxes on this earned income. Here are the fighter an SECA tax rates. All states require employers to pay taxes towards social security and medicare for payroll tax for Employers. Paying towards this type of tax helps employees enhance their social security and medicare benefits in future years. These taxes hold the following deduction rates. Social security tax withholding 6.2% up to the annual maximum and medicare tax withholding 1.45%. FICA stands for federal insurance contributions act. The FICA tax consists of both social security and medicare taxes. Irvine CPA tells us that social security and medicare taxes are paid both by the employees and the employer. Both parties pay half of these taxes. Employees pay half and the employers pay the other half. Together both halves of the FICA tax add up to 15.3%. The 15.3% FICA tax is broken down as follows... Social security: employee pays 6.2% Social security: employer pays 6.2% Medicare: employee pays 1.5% Medicare: employer pays 1.45% Together both halves of the FICA taxes add up to 15.3%. The 15.3% FICA tax is broken down as follows.... The social security the employee pays 6.2%. An employer pays 6.2%. With medicare the employee pays 1.5%. An employer also pays 1.45%. For 2012 the employee portion of social security is anticipated to be reduced to 4.2% instead of 6.2%. It is imperative to revert back to the full tax amount for the coming year, as any reduction in rates can cause penalties to be assessed to your company. You most likely make tax payments quarterly. Tax payments should be assessed by your company and each statement filed and reported to the IRS. Irvine CPA knows that this means as an employer you will be required to file and make federal tax deposits on a regular and timely basis. Complete and file your annual tax unemployment tax return (this is form 940) and file your employer's quarterly payroll return (941). Complete and file your annual tax return of federal withheld income-tax (form 845) Complete and file your wage and tax statement (form W2). In some circumstances, you may need to update employee information and withholdings during the year as well. If filing your payroll tax feels like a daunting task, where you really don't understand what to do, there are some agencies out there to help you get everything in order without having to hire tax attorney or CPA. A majority of these businesses are able to contact and assess your tax standing with the IRS and/or state in which your business resides and file any paperwork accordingly. These types of businesses not only can help you get your payroll tax prepared, they can also help you to determine how to start filing for employees, how to add or remove employees from your taxes. These types of services can help provide significant savings, as well as make sure that you are not assessed any penalties for later incorrect filings. For more information and to schedule a free consultation please visit us at: http://cpa-accountant-irvine.com Share this Irvine Accounting System Video: http://youtu.be/0_DPUixHdsQ http://www.youtube.com/watch?v=0_DPUixHdsQ Accounting Services Irvine
Views: 1862 cpamomsirvine
Putting Your Kids Under 18 on Payroll | Mark J Kohler | Tax & Legal Tip
 
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See UPDATED VIDEO HERE: https://www.youtube.com/watch?v=ZVyqDK4pkc8 Sign up for my weekly newsletter now! With awesome tax and legal tips, upcoming and current tax reforms, deadlines, special offers from my Lawfirm and Accounting Firm, and much much more! Don't miss out on this opportunity, It's FREE!! how could you get better than that!? Click the link below: http://markjkohler.com/youtube/ UPDATED 2018 VIDEO HERE: https://www.youtube.com/watch?v=ZVyqDK4pkc8&t=31s
Views: 15624 Mark J Kohler
"Unpaid Payroll Taxes" - Tax Resolution Institute
 
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Peter advises Rob in Dallas - a small business owner - about unpaid payroll taxes- http://www.taxresolutioninstitute.com/tax-debt-strategies. In trying to deal with tightened cash flow, Rob has spent his firm's payroll taxes in hopes of funds being available when the money was due to the IRS. Now that it is due, he doesn't have the funds any longer to pay the IRS. Peter talks about this issue in detail. For Tax Resolution help with tax problems, call (877) 829-8370 or visit http://www.taxresolutioninstitute.com "From Rob in Dallas: I Run a small business and spent my payroll taxes. Now the IRS is asking for that money. What do I do?" That's actually a much more problem nowadays, many small business are borrowing from the payroll taxes. After all it's the easiest way to get a loan. You don't pay 40% of your payroll, between the withholding taxes and the matching share of social security and Medicare Well, you as a businessman know that it's also addicting. You don't make the first payment, the IRS doesn't come after you, you don't make a second payment, and it takes many, many months for the IRS to catch up with you. What tends to happen though is that this liability tends to snowball, pyramids and before you know it even a company with a dozen employees, those 2,3,4 hundred dollars. The penalties and interest run somewhere between fifteen and forty percent. So you may think you owe 2,3,4, hundred thousand dollars to the IRS. That's a pretty real number. The Tax Resolution Institute handles cases like that all the time. Small businesses with very few employees, huge liabilities. There are a variety of ways to handle it. One, and most obvious is an Installment Agreement. Pay it off over time. The problem with payroll taxes is that the IRS doesn't give you 2,3,4,5 years to pay it off. In fact there are all kinds of problems with payroll tax issues. The reason I say that is, payroll taxes, unlike income taxes, are nondischargeable debt. You can't even bankrupt out of them. So, that portion of the liability, that is, the amount you hold from people's pay, follows you even if you go out of business. They assess the responsible persons, that'd probably be you Rob; you're the signateur on the bank account. They assess those withholding taxes, what they call Trust Fund Taxes, against you individually. So, you're in a catch 22 here. If you have that kind of business and you owe an amount of money, it's accruing interest at about 20% a year. Can you pay that plus the principal payments over let's say maximum 2 years? So, if you can an Installment agreement is the way to go. There are a variety of other ways to handle liabilities like this. Much too complicated to get into here today. Suffice it to say, you might wanna go out of business. You can't go out of business and go into the same business down the street, that's what they call Successor Liability. People try to do that all the time and the IRS catches up with them. What you need to do is sell your business and maybe become an employee of the new business owner, deal with the trust fund portion of the liability that's assessed against you via the Offer In Compromise Program. Then, start your business back up in a year or two. There are many other suggestions I might have but let's keep it simple for today. Thanks, Rob.
Views: 671 taxrelieflosangeles
Md. Company's Payroll Tax Money Missing
 
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Omni Land Settlement Corporation said about $200,000 it paid in payroll taxes is missing after the payroll company it entrusted the money to declared bankruptcy on May 6.
Benefits of contracting using an umbrella payroll solution
 
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NET 85% OF YOUR INCOME: http://www.tarpon-uk.com/contractor-salary-calculator/ 0845 643 1580 [email protected] We're here today to tell you about the benefits to contractors of using an Umbrella company as a payroll solution? As a contractor looking for a payroll solution, there are primarily three choices: form your own limited company, go PAYE with the agency, or use the services of an umbrella company. Choosing a compliant umbrella company is by far the most legitimate, hassle free and tax efficient option. So, why should contractors use a compliant Umbrella Company? You'll be complying with MSC legislation and wont have to worry about IR35, as you will have permanent employment status. The hassle of setting up your own limited company is removed -- joining an umbrella company is quick and easy to do. And you won't need to hire an accountant. Your umbrella company is responsible for invoicing your client and chasing payments -- not you. You'll then be paid through PAYE, taking care of tax and NI. Your umbrella will also process expense claims for you, reducing your tax and NI liabilities. You won't have to worry about the hassle of time-consuming self-assessments, or saving for your tax bill. You should also be entitled a full range of employee benefits including holiday pay, pension, childcare vouchers and much more. SO .....at the end of the day just make sure that you choose a compliant payroll solution Tarpon is an Employment Benefits Company which offers contractors an employment contract and a fully compliant HMRC approved tax-efficient payroll service. Tarpon are the first Umbrella Company / LTD Company to introduce a full range of employee benefits for contractors. Umbrella companies - select the best umbrella company for youThe objective of an umbrella company is for contractors to benefit from being legally tax-efficient, without having to worry about the IR35 "contractors′ tax".The tax-efficiencies come from having genuine business expenses allowances that can be offset against tax. But this can only work and be legal if the allowances are negotiated with and agreed by HM Revenue and Customs. Without an HM Revenue and Customs approved Dispensation, an umbrella company would find it difficult to reimburse business expenses efficiently to its employees. The company employs you directly and calculates and deducts tax and National Insurance Contributions at source. That makes your work completely consistent with the objectives of HM Revenue and Customs and IR35. So, you have the peace of mind of knowing you are legal. The umbrella company will also bill clients and provide administration support and payroll. Some companies, like Tarpon, have matured into full-service employment benefits companies, offering employees an amazing range of benefits and services. In the case of Tarpon, these all come as standard. A word of warning...Composite companies and umbrella companies are often confused, and some composite companies deliberately give the impression that they are umbrella companies. The two types of company are very different. In a composite company you are almost certainly part of a tax avoidance scheme and will come under the spotlight of HM Revenue and Customs. For more information on composites, click here. In an umbrella company you are completely legal and IR35 compliant. You have employee status and pay tax and National Insurance Contributions at source through PAYE. Questions you should ask When looking for an employment benefits company, you should ask, "Dear employment benefits company..." "...have you negotiated tangible, IR35-compliant terms directly with HM Revenue & Customs?" "...could I be investigated by HMRC?" (Not a reassuring prospect.) "...if "yes", can you prove you have insurance protection to cover legal fees, backdated tax and interest on unpaid tax and fines?" "...will I be given a personal business manager to handle admin and invoice-chasing?" "...do you offer ongoing tax-planning advice?" "...do you offer a UK-compliant holiday and sick pay facility?" "...do you offer professional insurance of at least £20m?" "...will you give me access to a solicitor to check the employment terms and restrictions of my contract?" "...will I be able to submit expense claims online?" "...do you offer a personal pension, and allow me to save tax and NI by contributing part of my gross income towards it?" "...can I see a credit report for you and your insurers?" "...how will you support me if my agency or client pay late?"
Views: 5189 TarponLtd

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