True, they carried you and your clients on their backs the whole way.
Here’s a sample of the weight business owners are carrying....
Federal Income Tax.
State Income Tax.
Medicare & Social Security payroll tax @ 7.65% of wages.
Federal Unemployment Tax – usually $56 per employee.
State Business & Occupation Tax for all states in which business is conducted.
Use Tax on purchases when sales tax was not paid.
State Unemployment Insurance.
State Worker’s Compensation Insurance.
Business Licenses for all states, cities and counties in which business is conducted.
Personal property tax.
Real property tax.
Heavy Vehicle fuel tax.
In addition business have to collect, report on and remit:
Sales taxes received, for every state in which business is conducted.
Payroll withholdings from employees.