The end of the year is a busy time for almost everyone. But for small business owners, the year’s end can be one of the biggest headaches—thanks to payroll taxes. While everyone is familiar with business income taxes, payroll or employment taxes can sometimes catch business owners by surprise and cause a hefty financial burden at the end of the year.
Unfortunately, payroll tax errors are not uncommon and can be costly. 40 percent of small to mid-size businesses in the US end up paying a payroll penalty each year—$845 on average. With small businesses being the largest segment of noncompliant taxpayers, we’re here to help small business owners like you get the lowdown on all thing’s payroll taxes. Check out this infographic to understand exactly what payroll taxes are and how they impact your business.
The easiest way to stay on top of your payroll taxes is by using an automated online payroll platform. Take your payroll online today.