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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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In Santorum's Sweep, Sign of GOP Unease With Romney - New York Times
<table border="0" cellpadding="2" cellspacing="7" style="vertical-align:top;"><tr><td width="80" align="center" valign="top"><font style="font-size:85%;font-family:arial,sans-serif"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFFiIQb4p3FU41bvNNtL4NBQp9Csw&url=http://www.nytimes.com/2012/02/09/us/politics/santorum-sweep-sets-stage-for-new-battle-in-republican-race.html"><img src="//nt2.ggpht.com/news/tbn/0nsLELZwbbQCLM/6.jpg" alt="" border="1" width="80" height="80" /><br /><font size="-2">New York Times</font></a></font></td><td valign="top" class="j"><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"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFFiIQb4p3FU41bvNNtL4NBQp9Csw&url=http://www.nytimes.com/2012/02/09/us/politics/santorum-sweep-sets-stage-for-new-battle-in-republican-race.html"><b>In Santorum's Sweep, Sign of GOP Unease With Romney</b></a><br /><font size="-1"><b><font color="#6f6f6f">New York Times</font></b></font><br /><font size="-1">Rick Santorum's sweep of Mitt Romney in Tuesday's three Republican presidential contests sets the stage for a new and bitter round of intraparty acrimony as Mr. Romney once again faces a surging conservative challenge to his claim on the party's <b>...</b></font><br /><font size="-1"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHf_Z-wPNGftnEGmlNg9x5vY0WQnA&url=http://www.google.com/hostednews/ap/article/ALeqM5hgf0txBSyNxcK-068zMGqVNUyFdA?docId%3Dbfc389d658e741e9b0030cf78c42f088">Santorum: I won and raised about $250K Tues night</a><link rel="syndication-source" href="www.ap.org/bfc389d658e741e9b0030cf78c42f088" /><font size="-1" color="#6f6f6f"><nobr>The Associated Press</nobr></font></font><br /><font size="-1"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNH8RvyCLoeRHuX1uO4wUXtE5t8WRw&url=http://www.washingtonpost.com/politics/rick-santorums-strategy-of-focusing-on-low-key-races-paid-off/2012/02/08/gIQApvj2yQ_story.html">Rick Santorum's strategy of focusing on low-key races paid off</a><font size="-1" color="#6f6f6f"><nobr>Washington Post</nobr></font></font><br /><font size="-1"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGpb2Miy-cvpJ9HW0SQaDcpIMYDlA&url=http://www.politico.com/news/stories/0212/72607.html">Rick Santorum's top 10 problems</a><font size="-1" color="#6f6f6f"><nobr>Politico</nobr></font></font><br /><font size="-1" class="p"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFSj8NCDHs4cj47wZnbTcjXXRGPjQ&url=http://www.guardian.co.uk/world/2012/feb/08/rick-santorum-colorado-minnesota-missouri-live?newsfeed%3Dtrue"><nobr>The Guardian</nobr></a> -<a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNE6X-b0rtfiVs8kR2m9lo7AUFz90Q&url=http://www.freep.com/article/20120208/NEWS15/120208013/Rick-Santorum-says-his-campaign-eyeing-Michigan-next"><nobr>Detroit Free Press</nobr></a> -<a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHBRiB-vWiWrxS51rVO-kOneU-YsA&url=http://content.usatoday.com/communities/onpolitics/post/2012/02/rick-santorum-mitt-romney-colorado-victory-/1"><nobr>USA TODAY</nobr></a></font><br /><font class="p" size="-1"><a class="p" href="http://news.google.com/news/more?ncl=dvoIE6grtlQAlBMsPOevx4Hcg1CxM&ned=us&topic=h"><nobr><b>all 8,211 news articles »</b></nobr></a></font></div></font></td></tr></table>Press sceptical on Lavrov's Syria visit - BBC News
<table border="0" cellpadding="2" cellspacing="7" style="vertical-align:top;"><tr><td width="80" align="center" valign="top"><font style="font-size:85%;font-family:arial,sans-serif"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHyVs-EljH0D2bsHz8hM2U7awwExg&url=http://www.bbc.co.uk/news/world-middle-east-16951519"><img src="//nt1.ggpht.com/news/tbn/sT8ur2AeTeKy7M/6.jpg" alt="" border="1" width="80" height="80" /><br /><font size="-2">BBC News</font></a></font></td><td valign="top" class="j"><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"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHyVs-EljH0D2bsHz8hM2U7awwExg&url=http://www.bbc.co.uk/news/world-middle-east-16951519"><b>Press sceptical on Lavrov's Syria visit</b></a><br /><font size="-1"><b><font color="#6f6f6f">BBC News</font></b></font><br /><font size="-1">Many papers in the Middle East, Turkey and Russia are sceptical about the usefulness of Russian Foreign Minister Sergei Lavrov and Foreign Intelligence Service head Mikhail Fradkov's trip to Damascus on Tuesday for talks with President Bashar al-Assad.</font><br /><font size="-1"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNERMXB-hrpA6bOowNgwUwc0saLXvg&url=http://www.jpost.com/MiddleEast/Article.aspx?id%3D257015">Turkey says world must support Syrian people</a><font size="-1" color="#6f6f6f"><nobr>Jerusalem Post</nobr></font></font><br /><font size="-1"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFihcgIfyk8afx2OKaFDluazHIEUg&url=http://www.google.com/hostednews/ap/article/ALeqM5h_KojucixZQUsu8LT3Mnrb3vfUdg?docId%3Db527e5f35787420e9a82fac1a80b5ced">EU threatens new sanctions on Syria</a><link rel="syndication-source" href="www.ap.org/b527e5f35787420e9a82fac1a80b5ced" /><font size="-1" color="#6f6f6f"><nobr>The Associated Press</nobr></font></font><br /><font size="-1"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEmGTplj7TaiMROjwRkvRRttbiXhg&url=http://www.voanews.com/english/news/Syrian-Troops-Pound-Homs-as-Russia-Warns-Against-Intervention-138931079.html">Syrian Troops Pound Homs as Russia Warns Against Intervention</a><font size="-1" color="#6f6f6f"><nobr>Voice of America</nobr></font></font><br /><font size="-1" class="p"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHTDc4KMDlKTOyKGVNUnR6YsQsyBw&url=http://www.reuters.com/article/2012/02/08/us-syria-eu-idUSTRE8171AX20120208"><nobr>Reuters</nobr></a></font><br /><font class="p" size="-1"><a class="p" href="http://news.google.com/news/more?ncl=dyjCCz2VKCQAkNMnmZ8XlPf7QxcaM&ned=us&topic=h"><nobr><b>all 2,432 news articles »</b></nobr></a></font></div></font></td></tr></table>
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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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