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I think that it would be based on the amount of liability protection you need, you don't say exactly what kind of policy you are speaking of. Contact your agent and he will have this information.
52134-0-Door or Window Manufacturing.
If you owe payroll taxes to the IRS and are unable to pay the full amount you have a few options and it is also based on whether or not your company is still in operation. If the business is still in operation then you should be able to work out some type of an installment agreement with the IRS. The IRS will first check to make sure the business is current on its monthly tax payroll tax deposits. Next, the IRS will analyze the business's cash flow to determine the business's ability to make a tax installment sufficient to repay the liability. If there is sufficient cash flow then an agreement can be worked out. If not, then the IRS may shut the business down. If the business is shut down then the payroll tax liability will be assigned to the owner's of the business personally. If this happens then there is a greater degree of flexibility in negotiating the liability. The taxpayer has several options at this point and it is usually best to consult a tax professional to review which option is best.
Like any other accrued liability/account payable, own account is nice, not entirely nessasary. It is charged as part of payroll expense (which it is).
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Payroll expenses account goes to Profit & Loss account while Payroll payable is a Balance Sheet Liability item... Journal entry:Payroll Expense Account - DR ...........(P&L)Payroll Payable Account - CR ............(B/S)
Commercial liability insurance rates are often based on gross receipts or payroll because these factors provide an indication of the size and scale of a business. Gross receipts reflect the revenue generated by the business, which can be an indicator of its potential exposure to liability claims. Payroll, on the other hand, reflects the number of employees and their wages, which can also be a factor in determining the likelihood and severity of potential claims.
The rate is based on the type of business you have and the gross receipts or payroll.
I think that it would be based on the amount of liability protection you need, you don't say exactly what kind of policy you are speaking of. Contact your agent and he will have this information.
52134-0-Door or Window Manufacturing.
The answer is YES they can. The payroll taxes are assessed as a Trust Fund Penalty once the business has closed. If the business is Incorporated a small percentage of the payroll tax will die with the defunct buiness but the remainder is assessed to the officers/owners of the corporation as a personal liability and therefore can become open to any collection actions the IRS deems necessary. If the business is NOT Incorporated the payroll tax becomes 100% a personal tax liability and therefore can become open to any collection actions the IRS deems necessary. The answer is YES they can. The payroll taxes are assessed as a Trust Fund Penalty once the business has closed. If the business is Incorporated a small percentage of the payroll tax will die with the defunct buiness but the remainder is assessed to the officers/owners of the corporation as a personal liability and therefore can become open to any collection actions the IRS deems necessary. If the business is NOT Incorporated the payroll tax becomes 100% a personal tax liability and therefore can become open to any collection actions the IRS deems necessary.
Contractors general liability insurance is based on one of two things, total receipts or payroll and cost of subcontractors. Contractors general liability insurance covers a company if their employees get hurt on the job or cause damage to a property while working.
Well it depends on the company providing the policy. Most will calculate the premium based on your direct payroll and they could also add in payroll for your subcontractors. If you don't want to pick up the premium charge for your subcontractors you will have to show the insurance company that the subs carry their own liability insurance policy. Hope this helps. By the way NY is a difficult state to even find reasonable liability insurance for general contractors.
EIC is a payroll liability account, just like your other p/r liabilities.
Most state's unemployment benefits are paid from a state's collection of payroll taxes (unemployment taxes) levied against businesses. It's usually based on the size of the business's payroll and turnover rate of workers ( to encourage retention).
There is no answer to your question. Each company develops it's own risk rating systems. A contractors payroll is often one of many components used to develop the rate for a commercial policy.