Are you starting your own business? Good for you if that’s the case. It’s really hard to start a business and it takes a lot of initiative and a lot of money. The next thing you need to do is learn a lot about what it takes to actually run that business. You must be wondering what are payroll taxes. Well, it’s good that you wonder since this is a really important aspect of running a successful and law abiding business.
The first thing that you need to know about what are payroll taxes is that they only apply to some companies. If you plan to have a sole proprietorship and are not going to hire any employees, then you won’t be dealing with payroll taxes. If you plan on having anyone work for you, whether it is one person or one hundred, this is when you definitely have to deal with payroll taxes.