Title: Identify tax-related responsibilities.
Course: Small Business Marketing (12161) > Section: Explaining the Role of Finance in Business

Identification should include

- tax-related responsibilities
  - compiling tax receipts and forms throughout the year
  - collecting sales tax
  - completing tax forms
  - filing tax returns
- types of taxes applicable to the business or SBE
  - sales
  - payroll
  - income
  - self-employment
  - industry
  - local.

Process/Skill Questions:

- What are the purposes of various taxes incurred by businesses?
- What are the types of payroll taxes?
- Why is it important to have knowledge of all tax requirements before startup?
- What resources are available to assist a business owner with tax responsibilities?
- What types of taxes are businesses required to pay?
- Why is it important that business owners or SBE keep a record of all purchase receipts?
- Why should a business or SBE keep accurate bank, payroll, and tax records?
- What are some advantages and disadvantages of hiring a tax accountant?