by Turquoise Tax Systems | Jun 16, 2026 | Business Tax
Businesses must understand how self‑employment tax, employment taxes, unemployment taxes, and estimated payments work. Each category has its own rules, forms, and thresholds. Self‑Employment Tax Self‑employment tax covers Social Security and Medicare for individuals...
by Turquoise Tax Systems | Jun 16, 2026 | Business Tax
A business must identify the worker’s classification before deciding how to treat payments. Workers fall into four categories: common‑law employees, statutory employees, statutory nonemployees, and independent contractors. Common‑Law Employees A worker is an employee...
by Turquoise Tax Systems | Jun 16, 2026 | Business Tax
A Limited Liability Company is a state‑created business structure. States set formation rules, membership rules, and operating requirements. Members may be individuals or entities, and most states allow single‑member and multi‑member LLCs. Certain industries, such as...
by Turquoise Tax Systems | Jun 16, 2026 | Business Tax
A business can operate under several structures, each with different tax and liability rules. The structure determines how income is reported, how owners are taxed, and what records must be kept. Sole Proprietorship A sole proprietorship is an unincorporated business...
