Understanding your obligations surrounding employee taxes is crucial for operating a successful business, whether you're an employer or an aspiring entrepreneur. In this episode, we explore the four primary types of employee taxes: • Federal and State income tax Withheld by employerEmployer responsible for submitting• FICA Funds Social Security and MedicareEmployer responsibility is 7.65%• FUTA Federal unemployment taxPaid by employer to fund state unemployment programs• State Un...
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Understanding your obligations surrounding employee taxes is crucial for operating a successful business, whether you're an employer or an aspiring entrepreneur. In this episode, we explore the four primary types of employee taxes: • Federal and State income tax Withheld by employerEmployer responsible for submitting• FICA Funds Social Security and MedicareEmployer responsibility is 7.65%• FUTA Federal unemployment taxPaid by employer to fund state unemployment programs• State Un...
EMPLOYEE VS INDEPENDENT CONTRACTOR: What You need to know
The Private Medical Practice Academy
9 minutes
3 years ago
EMPLOYEE VS INDEPENDENT CONTRACTOR: What You need to know
I’m frequently asked about the benefits of hiring employees versus having independent contractors. Many physicians are under the impression that hiring someone as an independent contractor is going to be less expensive than as an employee. But not so fast. The IRS has rules. The employer is responsible for determining if the new hire meets the criteria. Choose the wrong status and you may be liable for past taxes and the associated penalties.What does it mean to be an Independent ...
The Private Medical Practice Academy
Understanding your obligations surrounding employee taxes is crucial for operating a successful business, whether you're an employer or an aspiring entrepreneur. In this episode, we explore the four primary types of employee taxes: • Federal and State income tax Withheld by employerEmployer responsible for submitting• FICA Funds Social Security and MedicareEmployer responsibility is 7.65%• FUTA Federal unemployment taxPaid by employer to fund state unemployment programs• State Un...
