Tax Information for New Small Business Startup
Business owners are required by law to withhold the following from the wages paid to employees: federal income taxes, state income taxes and FICA (Social Security) Insurance.
Income taxes will also be levied by the federal and state governments on earnings of any business. Therefore, each business must file an income tax return with both agencies. Businesses may be required to file estimated tax returns and pay estimated taxes on a quarterly basis.
The Internal Revenue Service (IRS) has a number of publications that are available upon request to small businesses. One of the most helpful is Your Business Tax Kit, which includes data and forms for a Federal Employer Identification Number and a tax guide for small businesses that can be ordered by calling Forms and Publications at (800) 829?3676 or through a visit to your local IRS office.
You may want to contact your local Social Security Administration Office for (FICA) Insurance information. For State tax information, call your state government.
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All businesses with employees are required to comply with state and federal regulations regarding the protection of employees. For information on state labor laws, work force availability, prevailing wages, unemployment insurance, unionization, benefits packages and employment services contact your state government.
Federal information may be obtained by contacting the: U.S. Department of Labor
Unemployment Insurance Tax
Businesses are required by the state to pay unemployment insurance tax if the company has one or more employees for 20 weeks in a calendar year, or it has paid gross wages of $1,500 or more in a calendar year. The taxes are payable at a rate of 2.7 percent on the first $8,500 in annual wages of an employee. Go to your state home page to check the figures for your state.
Unemployment insurance must be reported and returns made to the state.
The Federal Immigration Reform and Control Act of 1986 requires all employers to verify the employment eligibility of new employees. The law obligates an employer to process Employment Eligibility Verification Form I-9. The Immigration and Naturalization Service Office of Business Liaison offers a selection of information bulletins and live assistance for this process through the Employer Hot-line. In addition, INS forms and the Employer Handbook can be obtained by calling the Forms Hot-line.
For Forms: (800) 870-3676
Employer Hot-line.: (800) 357-2099
Health and Safety
The Federal Occupational Safety and Health Administration (OSHA) outlines specific health and safety standards employers must provide for the protection of employees. Many states have similar standards.
If a business employs three or more people, workers’ compensation insurance must be carried to provide protection to those injured in on?the?job accidents. The State Board of Workers’ Compensation aids people who need claim assistance.
For more information contact your state government.
Virtually all business entities are subject to the federal minimum wage, overtime and child labor laws. Information on these laws and other federal laws, may be obtained from:
U.S. Department of Labor
Wage and Hour Division
The Uniform Code Council, Inc., (not a government agency) assigns a manufacturer’s ID code for the purposes of bar coding. Many stores require bar coding on the packaged products they sell. For additional information contact: Uniform Code Council Inc., P.O. Box 1244, Dayton, Ohio 45401, (513) 435?3870.