As a business owner, you are responsible for certain taxes when it comes to your payroll. If you have employees, then this is something you need to know about. Then again, if you are self employed and are the only one to work for your company, then the taxes are handled differently. Otherwise, payroll taxes are something that you have to handle as a business.
It is important to know about these ahead of time so that you don’t do anything wrong. After all, your company could get in big trouble with the IRS if you don’t handle the situation right. There are two main ways that you handle the payroll taxes for your company. You pay some of the taxes yourself and then withhold the rest of the taxes straight from your employee’s payroll checks. So, in essence, both you and your employees are paying the payroll taxes. It’s a joint venture.