What Types of Taxes Do Entrepreneurs Need to Consider?
Entrepreneurs need to be aware of various types of taxes, including:
Income Tax: Paid on the business’s net income. Payroll Tax: Includes federal and state taxes withheld from employees' wages. Sales Tax: Applied to the sale of goods and services. Self-Employment Tax: Covers Social Security and Medicare taxes for self-employed individuals. Property Tax: Levied on real estate and other property owned by the business.