Whether you’re a freelancer or a new entrepreneur flying solo, sooner or later as your business grows, you may want to consider hiring employees. And when you do hire your first employee, you would have to start thinking about payroll, and payroll tax rates.
For both aspiring and existing business owners, 2018 comes with big changes specifically with implementation for payroll taxes. When it comes to handling payroll, it’s important to understand the current payroll tax rates. Not all employees under an organization have the same salaries and there are those who have different tax brackets as well. Meaning, each individual can have varying tax rates depending on their job position and company.