What taxes does a small business pay?

@garret_hahn 

A small business typically pays various taxes depending on its jurisdiction and specific circumstances. Here are some common taxes that small businesses may have to pay:

1. Income tax: Small businesses are generally subject to income taxes on the profits they earn. The specific tax rates and regulations depend on the legal structure of the business (sole proprietorship, partnership, corporation, etc.) and the local tax laws.
2. Self-employment tax: Sole proprietors or self-employed individuals usually need to pay self-employment tax, which includes Social Security and Medicare taxes. This is an additional tax on top of income tax that covers the contributions typically made by an employer and employee.
3. Sales tax: If the small business sells goods or services that are subject to sales tax, it is responsible for collecting and remitting the applicable sales taxes to the relevant government agency.
4. Payroll taxes: If the small business has employees, it must usually withhold and pay various payroll taxes, including Social Security, Medicare, and federal/state income tax withholding on wages.
5. Property tax: Small businesses that own property, such as land, buildings, or equipment, may be subject to property taxes based on the assessed value of those assets.
6. Excise tax: Some businesses, based on their industry or the specific goods or services they provide, may be liable for excise taxes. These taxes are often applied to specific products like alcohol, tobacco, fuel, or certain activities like gambling or transportation.
7. Employment taxes: In addition to payroll taxes, businesses may have to pay certain employment taxes, such as unemployment taxes and state disability insurance taxes.

It is important for small business owners to consult with a tax professional or accountant to ensure compliance with all the relevant tax obligations and regulations in their specific jurisdiction.