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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...
1031 Exchange Lowdown Guide
By Mansi Gupta
2006-06-30 A 1031 exchange or Like kind exchange is defined by section 1031 of the Internal Revenue Code or the IRC. According to IRC if Read more...
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Charlotte North Carolina Real Estate – A Win-win Situation
Charlotte North Carolina real estate is a thriving business. Charlotte is the largest city among the Carolinas and is growing at a very fast pace. Roughly 20,000 people relocate to Charlotte every Read more...
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Claim Your 2003 Tax Refund Or Lose It
By Richard Chappoe
The only good thing about doing taxes is getting a nice, big tax refund. Unfortunately, nearly 2 million taxpayers failed to claim theirs in 2003.Could you use some extra money to pay taxes Read more...
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The Two Biggest Thieves In Regards To Wealth Building
By Drew Miles
The two biggest wealth thieves a person will encounter are tax deductions and lawsuits. Taxes work against you by chipping away at your wealth. These include federal income taxes (deducting up to 39% Read more...
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Should Students Have a Credit Card?
A common question I receive from parents is whether or not their son or daughter heading off to college should have a credit card. While it isn't a simple yes...Improve Your Credit Score in 2009
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Mortgage rates have fallen quite a bit in recent months, so a common question is whether or not you should consider refinancing. The benefits are easy to understand. The lower...
Should Students Have a Credit Card?
A common question I receive from parents is whether or not their son or daughter heading off to college should have a credit card. While it isn't a simple yes...Improve Your Credit Score in 2009
Bad credit got you down? Make 2009 the year to improve your credit with a few easy steps. No, there isn't a quick fix to your credit problems, but by...Try Using Cash to Control Spending
If you're like most people, you use plastic for many of your daily purchases. Since more places take credit or debit cards and many of these cards offer rewards or...Consider Online Banks for Higher Interest Rates
Stock market got you down? Looking to put more money away in case of an emergency or job loss? If so, you've probably been thinking about stashing more money away...Adjust Your Tax Withholding for 2009
We're still a few months away from the April tax deadline, but that doesn't mean you should put off tax planning today. One of the easiest things you can do...Should You Refinance Your Mortgage?
Mortgage rates have fallen quite a bit in recent months, so a common question is whether or not you should consider refinancing. The benefits are easy to understand. The lower...
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Arranging to make sure your assets pass to those who you want to have them after your death.
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