Fri, 25 Feb 2005
The State of California publishes a booklet called Striking Gold in
California. This is the most absurd name they could have come up with.
Striking Gold describes the various bureaucracies to which a business
must send forms and pay taxes.
Every year in California, thousands of new small businesses start up.
Unfortunately, thousands of companies also go out of business each year.
The probably go out of business partially because they have to spend so much
time filing forms with various government agencies, not to mention, sending
them money.
The booklet is for sole proprietorships, so it doesn't cover the forms
corporations must file. Here's a short list of the forms mentioned.
- Federal Forms
- Schedule C (1040), Profit or Los from Business
- Schedule SE (1040), Self Employment Tax
- Form 941, Employer's Quarterly Tax Return
- Form W-2, Wage and Tax Statement
- Form W-3, Transmittal of Wage and Tax Statements
- Form 8109, Federal Tax Deposit Coupon
- Form 940, FUTA Annual Tax Return
- Form 1040-ES, Estimated Tax for Individuals
- Form SS-4, Application for Employer Identification Number
- State Forms
- Franchise Tax Board
- Form 540-ES, Estimated Tax for Individuals
- Employment Development Department
- Form DE 88, Payroll Tax Deposit
- Form DE 6, Quarertly Wage and Withholding Report
- Form DE 7, Annual Reconciliation Statement
- State Board of Equalization
- Form BOE-401-A, State, Local, and District Sales and Use Tax Return
They forgot the 1099s that have to be filed with the IRS, the FTB and the EDD.
Also, your city or county may have tax or license requirements not covered in
this publication. See the government listings in the white pages of your
telephone book.
Yep, City of Los Angeles has a Business Tax of 0.5% of gross sales.
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