What was the total payroll tax expense for Fitstop during the 2022/2023 YTD period?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
subsequent events that would have required further adjustment or disclosure in the financial statements. Subsequent events have been evaluated through. May 23, 2024, which is the date the financial statements were available to be issued.
| PROFIT & LOSS | Nov 2022 | 2022/2023 (YTD) |
|---|---|---|
| Cost of Sales | ||
| Purchase of Apparel/Accessories/Supps | $0 | $326 |
| Gross Profit | $0 | ($326) |
| Expenses | ||
| Flights and Accommodation | $6,872 | $33,292 |
| Travel Expenses | $6,348 | $15,556 |
| Advertising | $0 | $750 |
| Bank Fees & Charges | $91 | $110 |
| Automobile Expense | $2,000 | $2,000 |
| Employee - Salaries and Wage | $16,667 | $38,718 |
| Management Fees | $35,328 | $184,245 |
| Legal Expenses | $0 | $10,000 |
| Consulting Fees | $22,120 | $118,930 |
| IT Software and expenses | $363 | $749 |
| Office Expenses | $1,397 | $2,18 |
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, the payroll tax expense for the 2022/2023 year-to-date (YTD) period was $3,242. This figure reflects the total expenses Fitstop incurred for payroll taxes during that period.
For a prospective franchisee, understanding this figure is crucial for budgeting and financial planning. Payroll tax expenses are a standard cost associated with employing staff, and this amount provides a benchmark for what Fitstop itself experienced during that timeframe. However, it is important to recognize that this is a single data point from one specific period.
Factors such as the number of employees, their salaries, and applicable tax rates can significantly influence payroll tax expenses. A franchisee's own payroll tax expenses may vary based on their specific circumstances and location. It would be prudent for potential franchisees to consult with a financial advisor to estimate their own payroll tax liabilities accurately, considering their unique business operations and local tax laws.