I'm involved with a startup and we were fundraising. I sent $5,000 to each of the employees as a signing bonus, but I had not gone through all of the payroll tax setup on Bank of America that I should have done. Can anyone recommend a way to move forward and let the company pay the taxes on this, or should the employees give the money back and then it gets re-sent after payroll taxes are handled?
Jm, The employees are NOT going to give back the money.
Yes the company can pay the taxes for the employees.
Do you have an accountant??
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