Here's the difference between Payroll and Income Taxes.

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As a business owner, understanding how to navigate taxes can be extremely overwhelming. With our first business, LYFE Marketing, I remember stressing to figure out what was the best way to pay my taxes.

To start, I didn’t know what forms I needed to fillout. I missed payroll tax filing deadlines that cost me thousands of dollars. Like, literally, I paid my payroll taxes oneday late by accident, the IRS sent me a penalty for over $1,000.

In addition, I didn’t know the requirements of income taxes, especially for selfemployed individuals. I thought you just paid your income taxes once per year when you filed your tax return, but NO I was penalized over $4000 because I didn’t make quarterly “estimated tax payments”.

Fortunately, after becoming a CPA and studying this much more, not only was I able to figure this out for our own business, but many other businesses who are struggling with the same thing.

In this episode, I’m going to fully explain the difference between payroll taxes and income taxes. I’m also going to give you some tips to help you in your journey.

Outline:

Intro: (0:00)
What are Income Taxes?: (2:05)
Federal and State Income Taxes: (3:26)
Income Tax Returns vs. Payments: (4:05)
SelfEmployment Taxes: (4:40)
What are Payroll Taxes?: (6:35)
FICA Taxes: (7:10)
FUTA Taxes: (8:29)
Payroll and Income Tax Tips: (9:04)
Recap: (11:17)

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).