What taxes do I deduct from payroll when owing my own business?
I live in New Jersey and just started my owning cleaning service. I have a job offer for and office and need some help figuring out what taxes I have to take out. I know FICA and sales tax, but I;m sure there is more. I do not have any employees at this time. Please help! Thank you!
Asked By: Kimberly - 12/2/2010
Best Answer - Chosen by Asker
To get you business records set up correctly and properly you may need to seek some face to face professional assistance with this matter... More
Answered By: Bobbie - 12/2/2010
Additional Answers (4)
See a local professional before you get in to deep. FICA and sales tax have nothing to do with each other.
Answered By: Wayne Z - 12/2/2010
RUN, don't walk, to a CPA or EA who will help you set up your bookkeeping and payroll systems. You have a LOT to learn, far too much to go into any real detail here... More
Answered By: Bostonian In MO - 12/2/2010
Talk to a tax professional - you're confused already... More
Answered By: Judy - 12/2/2010
you will file Sch C on this business you are operating and your bottom line, or the 'net' amount is the figure you enter on Sch SE, and calculate your self employment tax, approx. 15.3% of your Sch C 'net... More
Answered By: tro - 12/2/2010
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