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Payroll Taxes Article
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What are Payroll Taxes?
from:Are you starting your own business? Good for you if that’s the case. It’s really hard to start a business and it takes a lot of initiative and a lot of money. The next thing you need to do is learn a lot about what it takes to actually run that business. You must be wondering what are payroll taxes. Well, it’s good that you wonder since this is a really important aspect of running a successful and law abiding business.
The first thing that you need to know about what are payroll taxes is that they only apply to some companies. If you plan to have a sole proprietorship and are not going to hire any employees, then you won’t be dealing with payroll taxes. If you plan on having anyone work for you, whether it is one person or one hundred, this is when you definitely have to deal with payroll taxes.
Another thing you should know about what are payroll taxes is that you will be paying some of them yourself. Or at least, your company is. Most of the taxes that need to be paid will come straight out of your employees’ paycheck. This is done by you and is called ‘withholding.’ You keep a certain amount of their pay, which you write down on their check, and keep it in a fund. Still, your company will pay some of it as well.
The portion you will pay is called FICA. This is both the social security tax and the Medicare tax. You are responsible for paying half of it and your employee is responsible for paying the other half. The amount of this is set at 7.65% for each of you. 6.2% of it goes to social security and 1.45% goes to Medicare. If you wonder about what are payroll taxes, this is the essence of that question.
It is really important that you figure out what are payroll taxes before you hire anyone. Although it is helpful to know the barebones of what it’s about, you should still learn more. This is especially the case when you have your own small business as you will need to handle a lot of the aspects by yourself.
You can learn more about payroll taxes and how they affect your business by getting books on the subject. There are plenty of books like this in the business section of most bookstores and libraries. There are also classes that you can take that will go into even greater detail so that you have the best education for the subject.
Payroll Taxes News
Workers, firms are facing higher payroll taxes - Providence Journal
Workers, firms are facing higher payroll taxes Providence Journal, RI - By NEIL DOWNING Many Rhode Island workers — and their employers — face sharp increases in payroll-related taxes next year. Most Rhode Island workers will ... |
The taxman cometh - Greater Baton Rouge Business Report
 Greater Baton Rouge Business Report | The taxman cometh Greater Baton Rouge Business Report, LA - Rock Rockenbaugh, CEO of Kean’s the Cleaner, says any additional cost he’s hit with in the form of benefits or a payroll tax—if it comes to that—would have ... |
$5.6 million tax lien filed against Ethan Allen - Danbury News Times
$5.6 million tax lien filed against Ethan Allen Danbury News Times, CT - Peg Lupton, a spokesperson for the company, said Monday that all payroll taxes were paid to the federal government on time. ... |
Point Blank Solutions Reports 2008 Third Quarter Results - MarketWatch
Point Blank Solutions Reports 2008 Third Quarter Results MarketWatch - ... Interest 280 185 Income Taxes (3359) (180) Equity based compensation 3341 1212 Litigation and cost of investigations 2531 2203 Payroll Tax Withholding ... Remote Dynamics Reports Q3 2008 Financial Results |
UK Conservatives Pledge Slower Spending From 2010 (Update2) - Bloomberg
 Daily Mail | UK Conservatives Pledge Slower Spending From 2010 (Update2) Bloomberg - Under pressure to reassure voters that it cared about their plight, the party promised to cut payroll taxes for businesses that take on unemployed people. ... Slash public sector pay to allow tax cuts |