Accounting for Sole Proprietors: Tax & Bookkeeping Tips
in Business, Accounting & Taxes ·
I’m processing the final payroll for December 2015 tomorrow. I know everything for the employees is straightforward on the tax forms, but how does it work for the employer side—specifically for a sole proprietor? The tax contributions.
Are we sticking to the old 2015 rates and using the same accounts? For instance, am I looking at $43 $23 for account 8591, or is it going to be more than that?
Do these figures also get entered into the electronic tax filings (since I'm still handing in paper forms)?
Also, how will the contribution calculations change for 2016, and when exactly does that kick in?
Will it be based on the tax return, and what's the effective date for reporting this on the digital forms?
I’m completely lost here. Someone please help! 😢
Will the account numbers, like 8214 where we’ve been paying contributions, stay the same this month? Does the change only take effect with the January 2016 payments made in February?
That’s my best guess from reading through this.
Are we sticking to the old 2015 rates and using the same accounts? For instance, am I looking at $43 $23 for account 8591, or is it going to be more than that?
Do these figures also get entered into the electronic tax filings (since I'm still handing in paper forms)?
Also, how will the contribution calculations change for 2016, and when exactly does that kick in?
Will it be based on the tax return, and what's the effective date for reporting this on the digital forms?
I’m completely lost here. Someone please help! 😢
Will the account numbers, like 8214 where we’ve been paying contributions, stay the same this month? Does the change only take effect with the January 2016 payments made in February?
That’s my best guess from reading through this.