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Hiring first employee?
I`m looking at a business to purchase and will probably need to hire one or two people to help with the business. I`m kind of lost so far with the hiring part of the business. I`m sure I will get the information from the seller, but am trying to cover all my bases before and this is eating at me wanting answers.
I`m not worried about finding an employee or filling out paperwork, I guess my question revolved around taxes and payroll. For one employee, I don`t think it`s worth using a payroll company, but how do I take out taxes and show the breakdown on check stubs? Then when and how do I pay those taxes? Are these part of the quarterly taxes I will be paying to the IRS? I`m a little lost and afraid I`ll hire someone and mess up the taxing/paying part.
Any help is appreciated.
I`m not worried about finding an employee or filling out paperwork, I guess my question revolved around taxes and payroll. For one employee, I don`t think it`s worth using a payroll company, but how do I take out taxes and show the breakdown on check stubs? Then when and how do I pay those taxes? Are these part of the quarterly taxes I will be paying to the IRS? I`m a little lost and afraid I`ll hire someone and mess up the taxing/paying part.
Any help is appreciated.
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Also, plan on spending about $8.00 to $11.00 per hour for every hour an employee works. This is to cover benefits, insurances and taxes for that employee. These figures were provided by bean counters at four companies I use to work for. And, these figures seem to be fairly universal.
Hope this helps.