Title: Identify tax-related responsibilities.
Course: Entrepreneurship (12053-I) > Section: Understanding Financial Statements

Identification should include

- tax-related responsibilities
  - compiling tax receipts and forms throughout the year
  - filing tax returns
  - collecting sales tax
  - completing tax forms

- different types of taxes applicable to the entrepreneur
  - sales
  - payroll
  - income
  - self-employment
  - industry
  - local.

Process/Skill Questions:

- What are the purposes of various taxes incurred by businesses?
- What are the different types of payroll taxes?
- Why is it important to have knowledge of all tax requirements before start-up?
- What resources are available to assist an entrepreneur with tax responsibilities?
- Should all entrepreneurs hire a tax accountant? Why, or why not?
- What taxes must businesses pay?
- Why should entrepreneurs keep accurate bank, payroll, and tax records?