The #1 Mistake When Hiring
If you plan to hire employees, your tax responsibilities extend beyond income tax to employment taxes. The either/or dilemma is often between the ease of paying an independent contractor vs. the compliant, but more complex, process of hiring an employee. A Sound business always prioritizes compliance.
If you have employees, you are responsible for employment taxes, which include Social Security and Medicare taxes, federal income tax withholding, and Federal Unemployment (FUTA) tax. Misclassifying an employee as an independent contractor can make you liable for employment taxes and penalties. This Sound compliance check prevents significant stress and potential costs later.
Download the S3 New Business Compliance Checklist now to confidently address your foundational tax setup: https://www.safesimplesound.com/the-s3-new-business-compliance-checklist/.
DISCLAIMER: This content is for educational purposes only and should not be considered personalized financial advice. Always consult with a qualified financial professional before making financial decisions.