Ten Small Cities to Start a Business in 2023
Are you starting a new business? Have you thought about where you would like to start a business? Learn more about the best small cities to start a business.
Finding and hiring the right employees is one of the most critical steps in the process of creating a successful company. Very little is more important than having the right people, with the right skills, in the right jobs, and that's where much of the focus goes during the hiring process. Unfortunately, another equally important element to this process is often misunderstood or neglected. There are a few other very important steps that should happen to ensure that legal, regulatory and tax obligations are met. Here's a checklist of the things you'll need to do once the right candidate has accepted your job offer:
Finding and hiring the right employees is one of the most critical steps in the process of creating a successful company. Very little is more important than having the right people, with the right skills, in the right jobs, and that's where much of the focus goes during the hiring process. Unfortunately, another equally important element to this process is often misunderstood or neglected. There are a few other very important steps that should happen to ensure that legal, regulatory and tax obligations are met. Here's a checklist of the things you'll need to do once the right candidate has accepted your job offer:
Filing Taxes as an Employer It's a good idea to talk to your accountant or tax advisor about your new tax obligations. Typically, you'll need to report income tax withholding, social security, and Medicare taxes each quarter on the IRS Form 941. If you paid wages of $1,500 or more in any quarter or had an employee on the payroll for any 20 weeks of the year, you'll also need to file an Employer's Annual Federal Unemployment (FUTA) return. To see what applies to you, read the IRS Employer's Tax Guide (PDF).Some Additional Help As an employer, it's often difficult to figure out just what you're responsible for. Here are some good references that will help keep you compliant:
Are you starting a new business? Have you thought about where you would like to start a business? Learn more about the best small cities to start a business.
Your filing status is perhaps the most important piece of information when it comes to tax withholding. Learn which filing status applies to you.
How often should you submit a new W-4? What is your filing status? In this article, we break down some of the most common W-4 questions.