I have the tiny commercial operation set up as the ubiquitous partnership as well as you have 2 employees. We have been not regulating any kind of 3rd celebration director for payroll or taxation stating services. We have been only gripping parsimonious annals of the income, commercial operation losses as well as payroll. Can you record taxes for this busines during the finish of the year along with the personal filings or should you be you do something different? Also, you have not been self-denial any taxes from the employees payroll as you devise to emanate them the 1099 during year end. Does this receptive to advice ok?
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- HOW DO I ASK FAMILY TO INVEST IN MY BUSINESS?
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- WHAT PROFITABLE BUSINESS CAN I INVEST 1MILLION NAIRA ON IN NIGERIA WITH THE ECONOMIC SITUATION AT HAND?
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- WHAT IS THE BEST HEALTH RELATED SMALL BUSINESS TO INVEST IN THESE HARD TIMES THAT MAY BE VERY REWARDING?
- I AM LOOKING FOR AN ANGLE INVESTOR WHO IS READY TO INVEST IN MY BUSINESS?
- CAN I WITHDRAW MONEY FROM MY RETIREMENT ACCOUNT TO INVEST IN MY NEW BUSINESS AND AVOID THE 10% PENALTY?
- WHY WONT THE IRS LET ME INVEST IN MY BUSINESS?
- WITH $250K WHAT CAN I INVEST IN (BESIDES REAL ESTATE, STOCKS, OR STARTING A BUSINESS)?
- HOW CAN I FIND SOMEONE TO INVEST IN MY BUSINESS?
- WHATS A GOOD BUSINESS TO INVEST 1 MILLION DOLLARS INTO WITH ALL THE CONDITIONS THE COUNTRY IS GOING THROUGH?
- HOW DO I INVEST IN A BUSINESS THAT I BELIEVE IN?
- MY FRIEND WHO IS VERY NEW TO THE COUNTRY HAS 90K AND WANTS TO INVEST IN SOME KIND OF BUSINESS. ANY RECOMMENDAT
- ONE MY FRIEND IS LOOKING FOR A PARTNER FOR HIS BUSINESS AND WANTS TO INVEST MONEY. WHAT SHOULD I EXPECT?
- I WANT TO START A COMPUTER SALES BUSINESS IN HYDERABAD, NEED DETAILS HOW TO START, HOW MUCH I HAVE TO INVEST.?
- I HAVE $30K , WHAT TYPE OF BUSINESS SHOULD I INVEST IN TOWARDS A WEALTHY FUTURE?
{ 4 comments… read them below or add one }
It sounds not OK.
My canned explanation to clueless independent contractors seems to get posted every day: You sound like a clueless employer who will be at the wrong end of a payroll tax audit the first time one of you “employees” files an unemployment insurance claim. The IRS 20 factors test determine if the person is an employee or not, The fact they agreed to be treated as independent contractors is irrelevant.
Some employers try to get around paying employment taxes (social security and unemployment) and other employee benefits like workers compensation insurance by improperly classifying employees as independent contractors. If the employee is required to show up for work–personally–at a particular time, punch the clock, use the employers equipment and are paid an hourly rate, hes are an employee. If you didn’t understand the difference when you posed your question, I would be even more convinced that they are employees. What is your preference, Slotted or Phillips?
Complete an IRS Form SS-8 to get an official ruling on your status. This will help determine their status before it gets out of hand and you have to pay both sides of their withholding and an allowance for withheld income tax.
In addition to wartz’s answer, you will also need to file form 1065 to report the income and expenses of the partnership.
Use the link below to get the information to get started.
http://www.irs.gov/businesses/small/article/0,,id=136524,00.html
If I were to address your circumstances in medical terms I would strongly suggest that you shut down your computer and immediately go to an emergency room. You need to seek the advise of a tax professional before the end of the year. You are one phone call (by one of your “employees) away from financial disaster if not jail. Your only defense at the moment is stupidity which you should embrace. The good news is that you may have a good record keeping system from which a tax professional can recover what should have been done when you started.
This does not sound OK. I suggest you consult a business CPA ASAP.