Posts tagged: State Taxes

Types of Taxes You Pay When Running a Small Business

It's essential to understand what kinds of taxes you must pay for your small business. These are the types of taxes categorized by agencies that you pay while you run a business. Federal Taxes (The IRS collects the following taxes) - Income taxes - Self-employment taxes for the Social Security and Medicare - Employment taxes (payroll taxes): when you have employees, you, as an employer, are required to pay and/or withhold employment taxes on behalf of your employees. State Taxes - Income taxes - Employment taxes (payroll taxes) - Sales taxes on retail goods: you, as a seller, collect the taxes from your customer and pay to ...