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The Basics Of Employment Taxes
By Richard A. Chapo
If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes?
Employment taxes include the following.
1. Federal income tax withholding
2. Social Security and Medicare taxes
3. Federal unemployment tax (FUTA).
4. Federal Income Taxes/Social Security and Medicare Taxes
You generally must withhold federal income tax from wages paid to an employee. Form W-4 is used to determine the specific amount, although most payroll services or your accountant will do this for you.
Social security and Medicare taxes pay for benefits that workers and families receive under the Federal Insurance Contributions Act (FICA). Social security tax pays for benefits for the retired, survivors, and disability insurance distribution provisions of FICA. Medicare tax pays for benefits
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under the medical care provisions of FICA. As an employer, you must withhold a percentage of these taxes from employee and match the withholding amount. In general, you must deposit these taxes by check or cash to an authorized financial institution, typically your bank. Check with your tax professional to make sure you are not required to use the Electronic Federal Tax Deposit System (EFTPS). Regardless of the payment method, you will then report them on Form 941, the Employer’s Quarterly Federal Tax Return Federal Unemployment Tax (FUTA) FUTA is a combined federal and state program that provides unemployment compensation to the unemployed. As a business owner, you are solely responsible for paying this tax, to wit, nothing is withheld from the paychecks of your employees. FUTA is determined by using Form 940, but you are encouraged to use a tax professional to determine payment amounts. Employment taxes can be frustrating for a small business owner. They are, unfortunately, a necessary evil as your business grows. Article Source: http://www.ArticleJoe.com Richard A. Chapo is with BusinessTaxRecovery.com - providing information on taxes.
Here are some more estate planning articles...
Tax Savings Tips For The Small Business
By Arik Rozen CPA, Mon Jan 2nd
Deferring incomeShifting taxable income from the current to the next tax year isuseful only if you expect your next year's income to be equal orless than your current year's one.* Read more...
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Failure To Pay Employment Taxes – Penalties
By Richard A. Chapo
As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade.PenaltiesIf you have employees, you absolutely must deduct Read more...
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Ten Golden Tax Deduction Secrets
By drew miles
2007-01-23 One of the key secrets to tilting the tax laws in your favor is to own your own business and shift the taxing structure to Read more...
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A-briefing-on-dutch-taxes-at-the-level-of-corporate-investment
By Clint-Jhonson
The sphere of financial affairs in Netherlands is broadly approachable due to an organization of Dutch taxes in such a manner that they encourage both national and foreign investment. Subsequently, Read more...
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| real estate transfer tax news: |
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Use the Rule of 72 to Estimate How Long it Takes Your Money to Double
Have you ever wondered how you can quickly estimate how fast your money or investments will grow? Sure, you can plug numbers into a financial calculator or software program to...Be Aware of the Warning Signs of Too Much Debt
Is paying off debt bogging you down and keeping you from reaching your financial goals? Using credit and can be a powerful tool that allows you to buy a home,...Save Money on Groceries With These Shopping Tips
With a weak economy, high gas prices, and increasing inflation, you're probably finding that your dollar doesn't go as far at the grocery store as it used to. Groceries and...Do You Have the Stock Market Blues? Use This Time to Educate Yourself
For the past year now, stock markets here and abroad have been going down. Things really got ugly in October, and many investors are faced with investment losses of 30%...Comparing the Different Types of Health Insurance Plans
It's open enrollment season for many employer benefits, and that means it's time to review and select your health care benefits. Are you confused by all of the health insurance...Make Sure You Have Adequate Homeowners Insurance
Your home is probably one of your greatest assets, so making sure it is properly protected is important. Like most forms of property insurance, it is a relatively simple concept....Changing Jobs? Don't Forget to Plan Ahead
Changing careers, or just finding a new job can be an exciting time, but it's also filled with a number of important decisions. What about insurance, your retirement plan, and...
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The process of planning the transfer of all personal assets at death to chosen beneficiaries.
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