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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (11455)9/7/2004 5:59:29 PM
From: GraceZ   of 116555
 
Pray tell how do those show how many people are working?

I see you've never had to sit through the dog and pony show at my accountant's office whenever someone they advise gets their first employee!

Anyone who is an employee has to be covered by unemployment insurance (FUTA). The only people not covered are sole proprietors, who don't pay unemployment insurance for themselves (the state considers you in a permanent state of unemployment if you are self-employed).

The minute you have an employee (actually CA and MD both give you 20 days) you have to report them.

edd.ca.gov

There is not the lag as there is with something like FICA and disability insurance. As soon as you apply for a FEIN number you are then on their radar and are automatically sent the quarterly forms. Every state I've ever worked in has been rather insistent on keeping those figures up to date. The state auditors show up with big padlocks in their cars for those who suddenly stop reporting or whom they suspect don't report at all. It is not unusual for a business that has either failed to pay their state withholding or unemployment insurance to get a padlock on the front door after a visit from these guys. I know because I worked for a brain dead Englishmen out in CA when the auditor showed up to do just that. I had five minutes to get my stuff and get out. The Feds will let you screw around with extensions and amended returns or even not filing for three years, but the states are a bit more aggressive when you try to "borrow" from your employees by using the withholding and FUTA or fail to report.
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