When you start hiring employees, you will have expenses over and above the salary that you pay them. Social security and medicare make up the taxes known as Federal Insurance Contributions Act (or FICA). FICA taxes, along with unemployment insurance taxes (known as FUTA and SUTA), add up to around 10% of their wages or higher. Additionally, most states will require that you buy workers compensation insurance.
In this guide, we’ll cover all these hidden expenses of hiring employees, including the current 2016 tax rates.
