Right now pretty much everyone is trying to hire staff. But it's important to remember that an employee costs your business more than just their salary. For example, if you decide to hire someone for 10 hours a week at a rate of $10 per hour, did you know that one pay period will end up costing you $120.45? Here’s how it breaks down:
$7.65 Employer Payroll taxes
$12.00 Workman’s Compensation (12%)
$0.60 FUTA (1st $7,000)
$0.20 SUTA (1st $8,500)
Remember, this is a simple example and doesn’t include possible local or other taxes. You need to make sure you’re educated about all payroll taxes before you hire!