What Taxes Do Small Businesses Pay? All businesses have tax filing and compliance obligations, but whether any tax is owed — and which taxes apply — varies by business type and activity. For federal tax purposes, common categories include...
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Is an S Corporation Election Right for Your Business? An S corporation is a tax election that changes how your business’s profits are treated. Instead of paying self-employment tax on your net income, you pay yourself a salary through...
The FICA Tax From the Employer’s Viewpoint FICA funds Social Security and Medicare programs that support Americans throughout their lives. Established in 1935 during the Great Depression, FICA originally provided benefits only to retirees. Over time, its scope expanded...