What types of taxes do I need to pay as a small business owner?

As a small business owner in Hawaii, you will likely need to pay several types of taxes. These taxes may include federal, state, and local income taxes, self-employment taxes, and employer taxes. Additionally, you may be required to pay a variety of excise taxes, such as those on goods or services purchased, as well as property and sales taxes. At the federal level, income taxes are typically calculated using the same methods for individuals as for businesses. However, businesses may also be required to pay a self-employment tax if their profits exceed a certain amount. Employers may also be required to pay taxes, such as those on Social Security and Medicare contributions. At the state level, income taxes may be assessed at both the individual and business levels. Additionally, some states may require businesses to pay excise taxes, such as corporate franchise taxes or taxes on certain types of goods or services. These may include taxes on cigarettes, gas, or alcohol. At the local level, businesses may be subject to various taxes, such as those on real estate or business profits. Additionally, businesses may need to pay a sales tax on goods or services they sell. In summary, small business owners in Hawaii may need to pay various taxes, including federal, state, and local income taxes, self-employment taxes, and employer taxes. Additionally, businesses may be subject to excise taxes, corporate franchise taxes, or taxes on certain goods or services, as well as property and sales taxes.

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What types of taxes do I need to pay as a small business owner?

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