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Business & farm
You would be paying 12.4% withholding for SS for each W-2 employee, and 2.90% for medicare, for each of you.
You need to determine what reasonable compensation will be and also your payroll periodicity so you can determine Federal and state (iff applicable) income tax withholding.
You would add the Federal tax withholding to your deposit of SS and medicare taxes described above, You also likely have a State unemployment liability you should look into.
March 29, 2021
12:24 PM