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InvisibleJohn NadaDiscord
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Small Business
    #14466255 - 05/17/11 04:19 AM (12 years, 8 months ago)

How much would the employer have to pay the govt in taxes for each person on payroll? 25-30%?


I'm in TN, btw.


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InvisibleJohn NadaDiscord
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Re: Small Business [Re: John Nada]
    #14469307 - 05/17/11 06:31 PM (12 years, 8 months ago)

Goddamn, no ideas?


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Invisiblememes
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Re: Small Business [Re: John Nada]
    #14471906 - 05/18/11 06:30 AM (12 years, 8 months ago)

I mean... I dont really want to go digging though tennessee's tax code for you.  Tax codes suck.

Why dont you walk into a well-run local small business and ask the owner?  Tell him y0u're thinking about opening up shop (in a non-competing industry, of course) and wanted to get a general feel for the tax situation :shrug:

easy peazy


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OfflineGroovy Grant
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Re: Small Business [Re: John Nada]
    #14488452 - 05/21/11 05:37 AM (12 years, 8 months ago)

I'm fairly certain TN doesn't tax earned income. So you wont need to worry about that. YOu'll need to worry about federal incomes taxes, social security and medicare/medicade though. As well as unemployment insurance (full cost paid by employer). That's really all I can think of. As for the percentage, it's going to depend on the income bracket they're in.

Social security and medicare (AKA FICA) have two halves, one half is paid by employee the other half paid by employer. Either way, the employer is responsible for collecting both halves. Total amount is 15.3% (7.65% per half) up to $106,800 in earned income.

Just a brief search shows unemployment insurance at .8% with a maximum of $56 paid per employee per year.

Federal taxes depend on bracket, lowest bracket is 10% and highest is 35%.

So I'd say anywhere between 25.3% and 50.3% would need to be withheld from payroll. But the most likely precentage held would probably be the 25% federal bracket, so 40.3% total. The 50.3% would actually be less, since that highest bracket starts $373,651+ and FICA ends at $106,800...

Hope that helps a little bit, but I'd consult a tax accountant before making any large decisions.

Good luck!


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InvisibleJohn NadaDiscord
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Re: Small Business [Re: Groovy Grant]
    #15312096 - 11/02/11 04:31 AM (12 years, 2 months ago)

GG, thanks. Very helpful, sir. At the time I was moving 600 miles per hour and forgot to come back and thank you for looking up the info and making an all informative response. I talked to tons of business owners since though and just figured out everyone cheats at taxes in at least the south, but more widespread than I thought. I got answers from 15% up to 30%, but usually closer to 15%. But it's really more than that, as far as I can figure out. Taxes are the finest line between "corruption" and "justice".


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Offlinezappaisgod
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Re: Small Business [Re: John Nada]
    #15314110 - 11/02/11 05:47 PM (12 years, 2 months ago)

You have to pay half the payroll taxes (around 7%), plus unemployment plus disability (generally peanuts depending on your state and rating).  It's under 10% total usually.  Everything else is deducted from the employees gross.  Except for one other nasty little item which is not paid to the government but to private insurers.  Workmen's compensation.  What you will have to pay for that varies wildly depending on what your employees do.  For roofers it can be 50% of payroll.  Then there is general liability insurance.  Have fun.


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InvisibleJohn NadaDiscord
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Re: Small Business [Re: zappaisgod]
    #15317839 - 11/03/11 03:56 PM (12 years, 2 months ago)

Yes it'll be more like 20% at most if I do it all "legal" as far as I can tell because there will be no worker's comp for mine. Probably much closer to 15% or less than I originally thought. Most construction work here is subcontracted though under the table even if I was doing construction and there's no "worker's comp" for many of the actual workers. Hell many construction jobs, especially bricklayers, are often trucked in Mexicans though and they take breaks when they want and smoke joints on scaffolding in "open public", haha. Construction is the last business to get into right now though and I wouldn't even bother. But yeah, TAXES. High five.


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Offlinezappaisgod
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Re: Small Business [Re: John Nada]
    #15323998 - 11/04/11 07:54 PM (12 years, 2 months ago)

Workman's compensation is not for the protection of workers.  It provides protection for the employer from liability claims.

There are lots of ways around shit.  Lots of them.  Sometimes people get burned.  The corporate veil offers no protection when you don't follow the rules and liability insurers won't either.  Do what you want.  Do you feel lucky?  Well, do ya'?


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