Should I Withhold Taxes From Employee Checks?

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TAX REPORTING

Should I Withhold Taxes From Employee Checks?

By The BIDaWIZ Team on September 3rd, 2010 at 6:03 pm

Withholding taxes may seem like a nuisance but if you have "employees" then you are responsible by law to withhold several federal, state, and possibly local taxes. Please also keep in mind that prior to commencing operations and hiring "employees," you technically need an employer identification number which is commonly referred to as a "EIN." You can visit the IRS website which details the necessary steps to obtain a EIN. You will also need to rely on the employee's W-4 Form to accurately calculate withholding taxes. .

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