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Taxes!

Discussion in 'Employment' started by andyslawncare, Jul 11, 2013.

  1. andyslawncare

    andyslawncare LawnSite Senior Member
    Posts: 812

    Currently 4 employees cost me enough in taxes to cover mortgage on more than 1 of my high end properties, enough to hire another 2 employees. Employment tax = $2400/month Quarterly tax = $2700 = ~$39600/year in taxes.

    Yes gentlemen, the majority chose the wrong president.

    Any loopholes found? Our country would look like **** with all the lazy idiots living here if it weren't for people like us! We need a break, or the low balling non-tax-paying-fly-by-night companies will continue to bring down our fees. I sometimes can't believe that my bid was beat until I see someone working there!

    Hopefully I didn't offend anyone, but hopefully no business owners voted for the wrong president....
     
  2. CL&T

    CL&T LawnSite Senior Member
    Posts: 493

    What the hell is an employment tax??
     
  3. larryinalabama

    larryinalabama LawnSite Fanatic
    Posts: 16,234

    SSI or social security, employer pays 7.5%, employee pays 7.5%.

    Self employed pays 15%.

    All I can say to the OP is go SOLO
     
  4. CL&T

    CL&T LawnSite Senior Member
    Posts: 493

    $2400/mo for FICA for 4 employees? You paying those guys $2000/week? (Unless my math is wrong.)
     
  5. TMlawncare

    TMlawncare LawnSite Bronze Member
    Posts: 1,197

    He is talking about his quarterly payments is my guess. Federal/state payroll taxes, fica (both employees and employer match) and state unemployment tax. If your quarterly payroll is $20000 figure on your quarterly payment to be around $6000 plus or minus a couple hundred. Yes its really that high.
     
  6. CL&T

    CL&T LawnSite Senior Member
    Posts: 493

    Well, he did say "Employment tax = $2400/month". You can't complain about federal and state witholding because it's deducted from your employees pay, it doesn't come out of your pocket. The 7.5% FICA shouldn't be very much and I can understand complaining about the unemployment tax.

    Also, how your business is organized (S corp, C corp, LLC) makes a difference in the taxes you pay.
     

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