As a Maine-based small business owner, it may make sense to share employees with one or more related companies, each paying its share of wages and compensation. This might make sense for a number of reasons, but one important one is that a “common paymaster” approach can help save money on payroll taxes for employees who earn more than the Social Security threshold of $117,000 for 2014 from the combined entities.
Concurrent employees are those that are employed by two or more corporations at the same time. Remember, though, that this option is available only to corporations. Sole proprietors and partnerships are not eligible.
There are also restrictions of what exactly counts as a related corporation. Filler & Associates can help determine if a business qualifies for this option, and can save on payroll taxes.