Episode 6 - Bookkeeping: Payroll and Taxes

Bookkeeping

Jul 10

In this episode of the Accounting Edit,

In this episode, Leah and Aminder discuss the intricacies of payroll and taxes, focusing on the processes involved in managing payroll, the responsibilities of business owners regarding tax compliance, and the importance of understanding sales tax. They also touch on cash flow management and the significance of being proactive in tax planning.

Takeaways

• Payroll involves wages, benefits, and tax withholdings.

• Understanding the difference between employees and contractors is crucial.

• Using payroll software can simplify the payroll process.

• Sales tax varies by state and jurisdiction.

• Proactive tax planning helps avoid penalties.

• Tracking cash flow is essential for managing tax liabilities.

• Quarterly tax payments should be set aside monthly.

• Compliance with tax deadlines is critical for business owners.

• Consulting with a payroll expert can alleviate stress.

• Continuous education is important for staying updated on tax laws.

Thanks for listening!