Applying for an Employer Identification Number Small business owners will need an EIN for taxes, opening business bank accounts, licenses, etc. This can be done online through the IRS. You can either take time in class to complete an application OR explore the website & note the necessary steps for applying for an EIN when ready.
When 100 small-business owners were surveyed about what they wish they knew more about when they got started or what they'd like to know more about now, one of the top answers was consistently how employer taxes work, from W2's and payroll deductions to taxable expenditures. The following section is to provide background information/foundational knowledge of how taxes work for small-business owners.
As you review the various articles, videos, and provided resources, jot down important concepts, contacts, or ideas you’d like to remember or explore further.
You can print this note-taking document or save a copy on your device.
Withholding, filing, and remitting payroll taxes can be complicated tasks, but they are ones that you as a business owner must get right. Paychex.com reviews the basics of Employer Payroll Taxes.
This guide from Paychex.com reviews the basic steps and things to consider when paying hourly & salaried employees. There is also a free, downloadable guide for new business owners.
