Summary
In new york, pcs pay employment taxes for employees, while dba partners share self-employment taxes. Pcs also have liability for their employees actions during work, while dba partners share in the businesss liabilities. Please consult professionals for precise calculations and specifics.Full Conversation
What's the taxation difference for PC to hire an employee or to partner with a DBA in New York State?
Are you asking about the tax implications for a Professional Corporation (PC) hiring an employee versus entering into a partnership with a Doing Business As (DBA) entity?
YES
What is the nature of the work that the employee or DBA would be performing?
In general, PCs pay employment taxes for employees, while DBA partners share self-employment taxes.
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What is the expected annual income for the employee or DBA?
In New York, PCs and DBAs have different tax structures:
- PCs pay employment taxes for employees.
- DBA partners share self-employment taxes.
ABOUT *
In New York, for an income of $*,*:
- An employee would have income tax withheld from their paycheck.
- A DBA partner would pay estimated taxes quarterly.
Please consult a tax professional for precise calculations.
I SEE
What is your location in New York? I can provide you with the contact details of the nearest tax office for further assistance.
What's the liability difference for PC to hire an employee or to partner with a DBA in New York State?
Are you asking about the legal responsibilities a PC would have towards an employee versus a DBA partner?
YES
In New York, a PC is generally liable for its employees' actions during work, while a DBA partner shares in the business's liabilities. Please consult a legal professional for specifics.
THANKS
You're welcome, Jack! If you have any more questions, feel free to ask.
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