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Hiring first employee?

JBSurfsJBSurfs subscriber Posts: 10 Member
edited August 2009 in People: Hiring, Partnering, Mentoring
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.
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    nevadasculnevadascul subscriber Posts: 3 Member
    I don`t know about your state, but my state requires all business to carry workman`s comp insurance.  The insurance rates are based the employees job description.  For one employee where I use to work, the cost was $1,500.00 per month.  Rates very from company to company, so do some research. 
    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.
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    JBSurfsJBSurfs subscriber Posts: 10 Member
    Thanks for the help.  It looks like I may have a few more months now until the purchase can go through.  I`m in NC.  In our state, once you hire 3 people, you must have worker`s comp.
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