Primer: Employment Taxes Las Cruces NM

If you have employees on your payroll, your tax situation is significantly more complex. You'll have to keep track of payroll taxes, employee withholding, Social Security, Medicare, unemployment, disability, and worker's comp, to name a few. All of these require separate calculations and timelines for payment. These rules are very strict and complex, and if you're not in the payroll business, hire an accountant or a payroll service to keep yourself legal and punctual with all these payments.

Local Companies

First Valley Mgmt
(505) 521-9965
4351 E Lohman Ave
Las Cruces, NM
Wesst Corp
(505) 541-1583
2907 E Idaho Ave
Las Cruces, NM
Buchanan and Assoc Eap
(505) 524-6821
1990 E Lohman Ave
Las Cruces, NM
Score
(505) 523-5627
505 S Main St
Las Cruces, NM
International Business Connection
(505) 532-5000
Las Cruces, NM
Maeileen Tuffli Llc
(505) 466-0027
6 Valencia Ct
Santa Fe, NM
Ltd Unlimited
(505) 292-8015
11728 Linn Ave NE
Albuquerque, NM
Right Management Consultants
(505) 889-4516
3200 Carlisle Blvd NE
Albuquerque, NM
Central New Mexico Community College Formerly Tvi
(505) 248-0132
1309 4th St SW
Albuquerque, NM
Avtec Inc
(505) 889-4562
3150 Carlisle Blvd NE Ste 205
Albuquerque, NM



If you have employees on your payroll, your tax situation is significantly more complex. You'll have to keep track of payroll taxes, employee withholding, Social Security, Medicare, unemployment, disability, and worker's comp, to name a few. All of these require separate calculations and timelines for payment. These rules are very strict and complex, and if you're not in the payroll business, hire an accountant or a payroll service to keep yourself legal and punctual with all these payments.

All employees must fill out a federal W-4 form and a Form I-9 from the Immigration and Naturalization Service. You should also check with your state's office of taxation to find out about state income tax, unemployment, and worker's compensation, as well as what forms, if any, need to be filed.

If you use independent contractors and pay them more than $600 per year, you must file a Form 1099 with the IRS and send one to the person you paid. You can get these forms from your accountant or from tax officials. The Form 1099 reports to the government that this person was paid as a non-employee. This gives you the right to deduct those payments as an expense and tells the IRS to look for that money as income on your non-employee's Schedule C form.

Your tax preparer should provide you with forms and envelopes for making your estimated payments, or you can order these forms directly from the IRS by calling 800-829-3676.

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One of biggest impediments to small business growth is the difficulty of classifying workers as independent contractors instead of employees. This is essentially a tax issue. An independent contractor -- someone who does work for your company but is not a full employee -- is responsible for paying his/her own taxes. If that person were classified as an employee, you would be responsible for taxes. But the IRS has a long list of qualifications a worker must meet to be classified as an independent contractor, and often business owners and the IRS disagree about who qualifies. The IRS qualifications are listed here, along with some steps you can take to increase the likelihood of your workers qualifying as independent contractors.
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