Federal taxes are the most important issue for small business owners, according to a survey by payroll processor PayCycle.

Twenty-eight percent of small business employers believe federal taxes are the most important domestic policy issue, with oil and fuel issues coming in at second with 24 percent.

Lagging behind, at 15 and 14 percent, respectively, are housing and credit issues, and inflation. State and local taxes are only considered "most important" by 11 percent of respondents.

When it comes to employee-related issues, 54 percent of small business owners are most concerned with costs related to health care programs and 25 percent are most concerned about costs relating to Social Security taxes. When asked about stimulating the economy, 69 percent of small business employers prefer a tax cut for employees to rebate checks.