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| *The Commerce Journal>>>Other Taxes |
What is the process of hiring someone for a small business? (Taxes, paperwork, etc)? |
What is the process of hiring someone for a small business? (Taxes, paperwork, etc)? If you are hiring them as an employee ask your bank about payroll services, they can handle the taxes and paperwork for you at a small fee. Also, talk to your lawyer and see if it is possible to bring the person on as an independent contractor. Your lawyer can draw up an employment contract and you would them have them give you a W-9. That way if it is legal they have to file their own taxes and you are released from a lot of liability issues. The lawyer will advise you what is in your best interest based on your type of business and your state laws. When you hire someone as an employee you need to get a W-4 and a I-9 completed by the employee. Then your will need to calculate payroll taxes for each check and remit them when due. If you are unsure how to do so it is advisable to hire a CPA to do it for you as the penalties for making a mistake are high. A good CPA is more reasonable than you think. You can get bids like any other profession. |
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