If you thought that filing taxes as a “one man band” was challenging – wait until you hire employees. The government has strict regulations in place for employers that must be followed in order to avoid hefty penalties. Not only will you be responsible for distributing payroll on a periodic basis to your staff, but you’ll also be responsible for paying related taxes for each employee you have on the books. These taxes include federal income, social security, Medicare, and potentially state and city as well.
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Dispatches From The Front 