If you have employees or if you are the only employee of your S corporation, you will be responsible for employment taxes. Not only will you be subject to additional taxes, but you will also need to file additional forms. The IRS website provides an explanation of employment taxes, which ...
You will need to include the necessary information and documents: Acommercial invoicethat details the goods being shipped. Proof of payment confirming that any applicable duties or taxes have been paid. A permit or approval from the relevant agency if the goods being transported...
you may receive aSchedule K-1 form, which is similar to a 1099 form. A K-1 form is designed to help the shareholder or partner file their personal income returns. The manner in which K-1 income is taxed largely depends on the amount of money you receive. When you start preparing your...
Self-employment can be financially and personally satisfying. But one big challenge is understanding self-employment taxes and deductions. Besides keeping track of your income and expenses, you also have to set aside money to pay your self-employment taxes, which are calculated based on your self...
Moreover, stay organized to stay compliant with the state and federal agency by filing the correct forms. And always pay your LLC taxes at the correct time. If you could not pay some of your taxes in time, request an extension avoid any penalties. For more of LLCs, to forget to go ...
How State Taxes Stack Up.
12.4% social security tax on earnings up to $137,700 LLC Payroll Taxes The LLCs that have employees, must collect and pay payroll taxes. This includes social security taxes, unemployment taxes, and medicare taxes. The following IRS forms are used to file Payroll taxes: ...