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Payroll Taxes Article
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The Importance of Paying Employer Payroll Taxes
from:Are you planning on starting your own business? If so, it is good to find things out about the business beforehand so that you don’t make any costly rookie mistakes. After all, some people who start fresh often lose their businesses if they don’t handle things properly. Some even end up paying hefty fines and going to jail over their mistakes. To make sure this doesn’t happen to you, you should learn as much as possible.
One of the things that you need to know very well is the taxes that you’ll need to pay. For example, most new business owners don’t realize that they will have to pay some of the payroll taxes. They assume that it all just gets taken out of their employee’s paychecks. Well, that’s wrong. In reality, your company is responsible for paying half of the FICA taxes. If you don’t you could be in quite a bit of trouble. These are the employer payroll taxes that you must pay in order to be a legally sound company.
The FICA taxes are very specific. It is the employer payroll taxes for both social security and Medicare. When it comes to social security, you are allowed to withhold 6.2% of your employees’ earning. That portion will go toward paying that tax. Then it is up to you to pay an additional 6.2%. Essentially, that means that both you and the employee are taking equal responsibility in paying that tax. Then, with Medicare, you each pay 1.45% separately. In other words, your portion of the FICA employer payroll taxes will equal 7.65%. This is what your company is responsible for when it comes to all of your employees. You need to do this for each of them.
How much of the employer payroll taxes have a lot to do with how much you pay your employees and how many employees you have to begin with. The bigger your company is, the more you will pay in these taxes. This is necessary and a good thing for your company.
To make sure that you are paying the right money in employer payroll taxes and that you are taking the right amount of taxes out of your employees’ checks, you should use a combination of software programs and accountants. This is especially the case when you have a large company that has many employees. The more employees you have, the more likely you are to make a mistake with the calculations in regards to taxes. Since this can cause a lot of problems, it’s better to get them right the first time.
Payroll Taxes News
The Potential Price of Failing to Pay Payroll Taxes - SYS-CON Media (press release)
 The Money Times | The Potential Price of Failing to Pay Payroll Taxes SYS-CON Media (press release) In the criminal case of married hair salon owners in Orange County, the criminal withholding of payroll taxes led to stiff prison sentences. ... Payroll Penalties IRS Launches Detailed Audits Targeting Employment Tax Taxpayers Beware: IRS Intensifies Employment Tax Audit Initiatives |
Payroll tax hike hits small businesses - msnbc.com
Payroll tax hike hits small businesses msnbc.com CHICAGO - Indiana small business owner Mike Hutson is facing a wakeup call when payroll taxes come due in April. ... |
Why aren't Republicans raising holy hell about Obamacare's payroll tax hike ... - Slate
 Kaiser Health News | Why aren't Republicans raising holy hell about Obamacare's payroll tax hike ... Slate Instead Reid chose to increase the employee portion of the Medicare payroll tax, currently set at a flat rate of 1.45 percent of income, to 1.95 percent for ... Five Questions About President Obama's Proposed Changes To The Medicare ... The Tax That Spells Trouble for the Economy Does the Obamacare Investment Surtax Apply to Capital Gains? |
CORRECTING and REPLACING Intuit Online Payroll Gives Small Businesses the ... - MarketWatch (press release)
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Tenn. bill would stamp income tax unconstitutional - Financial News USA (press release)
Tenn. bill would stamp income tax unconstitutional Financial News USA (press release) The sponsor of a measure that would declare an income tax and payroll tax unconstitutional in Tennessee says it's necessary because of the poor state of the ... State Income Tax Debate in Legislature |