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April 14, 2023
Question

Business Tax

  • April 14, 2023
  • 1 reply
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As a small business owner, how much of my profit should be saved for paying employee payroll (including taxes)

1 reply

April 14, 2023

as a pure guess 110% of their gross wages.  the extra 10% is to cover the employer's share of payroll taxes such as FICA and Medicare . their can also be state taxes that the employer pays. this does not cover other items such as fringe benefits, workmans compensation insurance or other employee related items.