texan
01-25-2016, 07:33 PM
Want to see what debt gets us?
Memo to my son's company, now keep in mind his company does 4 to 5 mil in revenue per year. They are paid up 100% in taxes. He has a lot of contractors involved keeping himself with minimal direct employees. From the state they get a letter for at least the 4th year in a row saying we are passing this on to you equally even though none of these people ever worked for you. They have lost so many companuis because of crap like this..........from the the accountant:
Just a heads up that your remainder due for the 2015 FUTA taxes will be charged to the bank account on Monday. The invoice is attached - it's for
$2301.76.
The attached memo went out a few weeks ago as a heads up. This is something that CA has been hit with for the past several years. The state has
borrowed from the federal government to pay unemployment benefits & so they are charged higher taxes & pass those taxes along to all the employers in the state.
The extra tax rate isn't determined until the end of the year so it's not something that could have been paid week to week or even quarterly
- it's just an all at once thing based on the first $7000 in payroll for
each employee in 2015.
The positive is that at least we are able to accrue this expense & use as awrite off in 2015.
Company's that he has out there were hit again, this time with a few days notice and auto drafted 7K, 6K & 10K.....
Keep up this spending across the board and this thing is gonna crash, it is just math if you can do it.
Memo to my son's company, now keep in mind his company does 4 to 5 mil in revenue per year. They are paid up 100% in taxes. He has a lot of contractors involved keeping himself with minimal direct employees. From the state they get a letter for at least the 4th year in a row saying we are passing this on to you equally even though none of these people ever worked for you. They have lost so many companuis because of crap like this..........from the the accountant:
Just a heads up that your remainder due for the 2015 FUTA taxes will be charged to the bank account on Monday. The invoice is attached - it's for
$2301.76.
The attached memo went out a few weeks ago as a heads up. This is something that CA has been hit with for the past several years. The state has
borrowed from the federal government to pay unemployment benefits & so they are charged higher taxes & pass those taxes along to all the employers in the state.
The extra tax rate isn't determined until the end of the year so it's not something that could have been paid week to week or even quarterly
- it's just an all at once thing based on the first $7000 in payroll for
each employee in 2015.
The positive is that at least we are able to accrue this expense & use as awrite off in 2015.
Company's that he has out there were hit again, this time with a few days notice and auto drafted 7K, 6K & 10K.....
Keep up this spending across the board and this thing is gonna crash, it is just math if you can do it.