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Payroll Taxes By Matt Bacak 2007-01-10 If you have employees, you are responsible for payroll taxes. This is a term that lumps all the different forms of employment taxes into one category known as “payroll tax”. In reality, payroll taxes encompass Federal and state income tax withholding, social security and Medicare taxes (also known as FICA), Federal unemployment tax (FUTA), as well as any state and local unemployment taxes assessed.
Payroll taxes are deducted each pay period from an employees gross pay. The remaining money distributed to the employee is what is known as “net pay”. Along with any taxes deducted from an employee’s wages, there is a social security and Medicare liability incurred by the employer. You must match the social security and Medicare amounts withheld on each employee.
This is the employer paid contribution. Until recently, most employers reported and paid payroll taxes quarterly. With the advent of the EFTPS, or Electronic Federal Tax Deposit System, taxes are now paid on a monthly basis by all employers. The payroll taxes may also be paid via a tax coupon that is taken to your bank and presented with the monies to cover the payroll taxes due.
Every quarter, a Form 941 (or 943 for Agricultural employees) must be filed with the IRS. The amounts reported on the 941 should reconcile to the amounts turned in each month via the tax coupon or the EFTPS. At the end of the tax year, a Form 940 or information return must also be filed. If you are a small business with employees, or you plan to begin operating a business with employees, you need to understand your tax responsibilities as an employer.
The IRS provides links to all the relevant Forms and Publications via their internet site at www.IRS.gov . Here you will find definitions and terms associated with employees from the onset of hiring, to termination. W-4’s, W-2’s, I-9’s,
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all the employment taxes you will be responsible for reporting, all the rates associated with those taxes. The IRS also provides you with information concerning recordkeeping, employment eligibility verification, benefit and retirement plans, and even the definition to be used in order to determine if someone is an employee. There is a tremendous benefit to be had by investing the time and resources necessary to understand and comply with all the federal, state, and local regulations concerned with employees and payroll taxes. However, you should frequently seek the advice of a qualified tax professional, your accountant. Copyright (c) 2007 The Powerful Promoter Article Source: http://www.upublish.info Tags: Articles Legalities **ARTTECHNORATI** Free Articles on Legalities and many other topics - Add this category to your RSS Reader
Another free Legalities article for you
About the Author:
Matt Bacak
Matt Bacak, The Powerful Promoter and Entrepreneur Magazine e-Biz radio show host, became a "#1 Best Selling Author" in just a few short hours. He has helped a number of clients target his specialty, opt-in email direct marketing systems. The Powerful Promoter is not only a sought-after internet marketer but has also marketed for some of the world's top experts whose reputations would shrivel if their followers ever found out someone else coached them on their online marketing strategies. For more information, visit Bacak's site atwww.powerfulpromoter.com or sign up for his Powerful Promoting Tips at www.promotingtips.com Free Articles on Legalities and many other topics
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Obama moves quickly to fill Cabinet positions - The Associated Press
<font style="font-size:85%;font-family:arial,sans-serif"><br><div style="padding-top:0.8em;"><img alt="" height="1" width="1"></div><div class=lh><table border=0 align=right cellspacing=0 cellpadding=0cellpadding=3 style="font-size:100%;font-family:arial,sans-serif"><tr><td width=80 align=center style="padding-left:6px;" valign=top><a href="http://news.google.com/news/url?sa=T&ct=us/0-0i-0&fd=R&url=http://www.nydailynews.com/news/politics/2008/11/21/2008-11-21_barack_obama_taps_new_york_federal_reser.html&cid=1273007801&ei=YOYnSeD7G5CoNsi8yQc&usg=AFQjCNHH-z0-TNMchZ_qjSPDPQBl30HpYg"><img src=http://news.google.com/news?imgefp=UH7g9ietKrIJ&imgurl=assets.nydailynews.com/img/2008/11/22/amd_timothy_geithner.jpg width=80 height=53 alt="" border=1><br><font size=-2>New York Daily News</font></a></td></tr></table><a href="http://news.google.com/news/url?sa=T&ct=us/0-0-0&fd=R&url=http://www.google.com/hostednews/ap/article/ALeqM5h2qtj24vzZZS2Jid8I03W0bz7zXwD94JT0R80&cid=1273007801&ei=YOYnSeD7G5CoNsi8yQc&usg=AFQjCNGWm349kd-hvgKuEeVrDdmLyq1W6g"><b>Obama moves quickly to fill Cabinet positions</b></a><br><font size=-1><b><font color=#6f6f6f>The Associated Press -</font> <nobr>1 hour ago</nobr></b></font><br><font size=-1>WASHINGTON (AP) - President-elect Barack Obama has moved with unusual speed to select officials for his administration, and senior Democratic officials say he intends to name Timothy Geithner as his treasury secretary as soon as Monday.</font><br><font size=-1><a href="http://news.google.com/news/url?sa=T&ct=us/0-0-1&fd=R&url=http://www.youtube.com/watch%3Fv%3DBiyEZveHhck&cid=1273007801&ei=YOYnSeD7G5CoNsi8yQc&usg=AFQjCNHT59cvP3lnb_0TnEvLeHsXEozptw">Video: Obama taps Geithner for Treasury-NBC</a> <font size=-1 color=#6f6f6f><nobr>ReutersVideo</nobr></font><object width="448" height="356"><param name="movie" value="http://www.youtube.com/v/BiyEZveHhck"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/BiyEZveHhck"type="application/x-shockwave-flash"wmode="transparent"width="448"height="356"></embed></object><br></font><font size=-1><a href="http://news.google.com/news/url?sa=T&ct=us/0-0-2&fd=R&url=http://www.bloomberg.com/apps/news%3Fpid%3D20601068%26sid%3Da6UEGcgjYF.c%26refer%3Dhome&cid=1273007801&ei=YOYnSeD7G5CoNsi8yQc&usg=AFQjCNGg6aUyz0JudQXkatc1-YW5qSBLyA">Geithner Is Said to Be Obama?s Pick for US Treasury Secretary</a> <font size=-1 color=#6f6f6f><nobr>Bloomberg</nobr></font></font><br><font size=-1 class=p><a href="http://news.google.com/news/url?sa=T&ct=us/0-0-3&fd=R&url=http://www.businessweek.com/bwdaily/dnflash/content/nov2008/db20081121_100758.htm%3Fchan%3Drss_topStories_ssi_5&cid=1273007801&ei=YOYnSeD7G5CoNsi8yQc&usg=AFQjCNEEkmRYf2a2e-7njwDehlHd074Ovg"><nobr>BusinessWeek</nobr></a> - <a href="http://news.google.com/news/url?sa=T&ct=us/0-0-4&fd=R&url=http://www.washingtonpost.com/wp-dyn/content/article/2008/11/21/AR2008112102811.html%3Fhpid%3Dtopnews%26hpid%3Dtopnews&cid=1273007801&ei=YOYnSeD7G5CoNsi8yQc&usg=AFQjCNGpEHYpLKxq5_923kizcJn9uOO51w"><nobr>Washington Post</nobr></a> - <a href="http://news.google.com/news/url?sa=T&ct=us/0-0-5&fd=R&url=http://www.nytimes.com/2008/11/22/us/politics/22policy.html%3Fref%3Dbusiness&cid=1273007801&ei=YOYnSeD7G5CoNsi8yQc&usg=AFQjCNFnTWnBFT33dxeyKBmMdqtcpIS3TQ"><nobr>New York Times</nobr></a> - <a href="http://news.google.com/news/url?sa=T&ct=us/0-0-6&fd=R&url=http://www.suntimes.com/news/1293848,CST-NWS-cabinet22.article&cid=1273007801&ei=YOYnSeD7G5CoNsi8yQc&usg=AFQjCNFyWN6iVJbmTBEmYQ5k6mGYY-gh0w"><nobr>Chicago Sun-Times</nobr></a></font><br/><font class=p size=-1><a class=p href=http://news.google.com/news?sourceid=navclient&ie=UTF-8&ncl=1273007801&hl=en><nobr><b>all 2,107 news articles</b></nobr></a></font><br clear=all> </div></font>
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The preparation of a plan of administration and disposition of one's estate using a will, trusts, gifts, power of attorney, etc.
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