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Employment Taxes - What Are They?
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).
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 under the medical care provisions of FICA. As an employer, you must withhold a percentage
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Santorum slams Romney as 'Mr. Big Government' - USA TODAY<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=AFQjCNHBRiB-vWiWrxS51rVO-kOneU-YsA&url=http://content.usatoday.com/communities/onpolitics/post/2012/02/rick-santorum-mitt-romney-colorado-victory-/1"><img src="//nt1.ggpht.com/news/tbn/oTO0VOlblHRoyM/6.jpg" alt="" border="1" width="80" height="80" /><br /><font size="-2">USA TODAY</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=AFQjCNHBRiB-vWiWrxS51rVO-kOneU-YsA&url=http://content.usatoday.com/communities/onpolitics/post/2012/02/rick-santorum-mitt-romney-colorado-victory-/1"><b>Santorum slams Romney as 'Mr. Big Government'</b></a><br /><font size="-1"><b><font color="#6f6f6f">USA TODAY</font></b></font><br /><font size="-1">By Catalina Camia, USA TODAY Fresh from his three-state sweep, a confident Rick Santorum said he is prepared for an onslaught from Mitt Romney as he tries to make his case that he's the best conservative to take on President Obama.</font><br /><font size="-1"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHO9gnXuLjRkC36ClQ74i05Wfedrg&url=http://www.reuters.com/article/2012/02/08/us-usa-campaign-idUSTRE80Q2AQ20120208">Santorum claims momentum with wins in three states |</a><font size="-1" color="#6f6f6f"><nobr>Reuters</nobr></font></font><br /><font size="-1"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFu7SdNKKXmiBsOUd44Bj2kHPhWsg&url=http://online.wsj.com/article/SB10001424052970204369404577209531461672726.html">Santorum Delivers a GOP Stunner</a><font size="-1" color="#6f6f6f"><nobr>Wall Street Journal</nobr></font></font><br /><font size="-1"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNH7D9TmgElntvm2jqUxEDcjmj2W8Q&url=http://www.bbc.co.uk/news/world-us-canada-16950899">Media view: The Santorum sweep</a><font size="-1" color="#6f6f6f"><nobr>BBC News</nobr></font></font><br /><font size="-1" class="p"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGMJAM1Mn93w5pVvflOW_VmjGzfDg&url=http://www.voanews.com/tibetan-english/news/Santorum-Pulls-Off-Major-Wins-in-Three-Republican-Nominating-Contests-138934579.html"><nobr>Voice of America</nobr></a> -<a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNH0S6bEG-Ew-bkxkJW1KhtjLuMpkw&url=http://swampland.time.com/2012/02/08/was-tuesday-night-really-so-terrible-for-mitt-romney/"><nobr>TIME</nobr></a> -<a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFAuNaBPYO_eWycUL3pbljYCBYviw&url=http://www.foxnews.com/politics/2012/02/08/not-romney-primary-rages-on/"><nobr>Fox News</nobr></a></font><br /><font class="p" size="-1"><a class="p" href="http://news.google.com/news/more?ncl=dsPOevx4Hcg1CxMZfIgKFzpXQBEsM&ned=us&topic=h"><nobr><b>all 7,760 news articles »</b></nobr></a></font></div></font></td></tr></table>Social worker's 911 calls released in Powell murder-suicide - msnbc.com<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=AFQjCNFkOyZ9Uho9JdlnTHDx8leQNijpGw&url=http://www.theglobeandmail.com/news/world/father-took-hatchet-to-boys-before-all-3-died-in-house-blaze/article2329081/?utm_medium%3DFeeds%253A%2520RSS%252FAtom%26utm_source%3DWorld%26utm_content%3D2329081"><img src="//nt2.ggpht.com/news/tbn/ZvZmKTecLSsa6M/6.jpg" alt="" border="1" width="80" height="80" /><br /><font size="-2">Globe and Mail</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=AFQjCNFA3usLYbvhjky40I6eVtrA-Qy6Jw&url=http://usnews.msnbc.msn.com/_news/2012/02/08/10348927-frantic-911-calls-of-social-worker-at-powell-murder-suicide"><b>Social worker's 911 calls released in Powell murder-suicide</b></a><br /><font size="-1"><b><font color="#6f6f6f">msnbc.com</font></b></font><br /><font size="-1">First in breaking news and analysis: Msnbc.com reporters and NBC correspondents bring you compelling stories from across the nation. Police in Washington state released a 911 call placed by the social worker who dropped Josh Powell's two young sons off <b>...</b></font><br /><font size="-1"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNE6Vx5y4ZvsERetfnvnOQXi5B7nWQ&url=http://www.nydailynews.com/news/national/josh-powell-murder-suicide-police-release-social-worker-911-calls-article-1.1019117?localLinksEnabled%3Dfalse">911 call from Josh Powell home explosion released</a><font size="-1" color="#6f6f6f"><nobr>New York Daily News</nobr></font></font><br /><font size="-1"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFsC3aYWsPXlTeG68yXRprx6harew&url=http://www.google.com/hostednews/ap/article/ALeqM5hKaG0GKtnqo5CXNdFKkUkiMNJz2g?docId%3D615bae3d7b834c948f6a5a2d8e574db6">In 911 call, worker fears for Josh Powell's sons</a><link rel="syndication-source" href="www.ap.org/615bae3d7b834c948f6a5a2d8e574db6" /><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=AFQjCNEfUhcq_4Okqsw_rJMxWdvWWu3Ggg&url=http://www.cbsnews.com/8301-201_162-57373174/josh-powells-family-he-didnt-cause-tragedy/">Josh Powell's family: He didn't cause "tragedy"</a><font size="-1" color="#6f6f6f"><nobr>CBS News</nobr></font></font><br /><font size="-1" class="p"><a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHyS9-uJBkoYHpPXnVPbQgtVfjmaw&url=http://abcnews.go.com/US/josh-powell-house-explosion-911-calls-released/story?id%3D15535154"><nobr>ABC News</nobr></a> -<a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGPpAH9Ufh21yOuaBdFQC8YgswL5g&url=http://www.palmbeachpost.com/news/nation/worker-tells-911-powell-exploded-the-house-2158266.html"><nobr>Palm Beach Post</nobr></a> -<a href="http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNH4ubVOr6nxcYnxGE4QWVccRi6VZQ&url=http://www.sltrib.com/sltrib/entertainment/53465945-78/powell-downing-steve-ely.html.csp"><nobr>Salt Lake Tribune</nobr></a></font><br /><font class="p" size="-1"><a class="p" href="http://news.google.com/news/more?ncl=dFYAMv2xtFAxh3M3S4cXgdxqUJvwM&ned=us&topic=h"><nobr><b>all 1,064 news articles »</b></nobr></a></font></div></font></td></tr></table>
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 - obtaining tax refund recovery for overpaid small business taxes. Visit BusinessTaxRecovery.com to read more business tax articles or our new tax credits page.
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| massachusetts real estate tax news: |
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Wi-Fi around Chicago..</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><FONT size=2>The Daley Center between Clark and Dearborn is now (as of September 2003) a wi-fi hot zone. I have not personally connected there, but the word is </FONT><FONT size=2>that the signal around Daley Plaza and Block 37 is strong. Click <A href="http://www.xchicago.com/main/article.php?articleID=413">here</A> for more information. </FONT></FONT></P>
<P><FONT size=2>If you are outside of downtown Chicago,the UPS stores (formerly Mailbox Etc.) will have wi-fi access (for a fee) in mid-September as will many McDonalds (for a fee). <A href="http://www.computerworld.com/mobiletopics/mobile/story/0,10801,80914,00.html">UPS story</A></FONT></P>
<P><FONT size=2></FONT> </P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Truth about Annuities</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>Many clients buy annuities. I think it is fair to say that most clients do not understand the annuities and, in many cases, the annuity purchase was an inappropriate choice. In my opininion annuities are appropriate when:</FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>1. The client wants to save more for retirement and already puts the maximum in his or her IRA/401k; </FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>2. The client is in a high tax bracket and wants to reduce taxes;</FONT></P>
<P><FONT face=Verdana size=2>3. The client won't need the principal for quite a long time and the annuity makes up a small portion of the client's total investments.</FONT></P>
<P><FONT face=Verdana size=2>I have one client who paid no income tax, was 85 years old, had been retired for 20 years and purchased 4 annuities with all of her liquid assets; her only other assets, after the mass annuity purchases, were her condo and a checking account. The annuities were "unsuitable" for her, but were perfect for the annuity salesperson who netted at least $20,000 in commissions.</FONT></P>
<P><FONT face=Verdana><FONT size=2> See the </FONT><A href="http://www.annuitytruth.org/"><FONT size=2>annuity truth</FONT></A><FONT size=2> web site for some interesting reading on annuities and whether one is right for you </FONT></FONT></P>
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specific planning to ensure your assets pass in an orderly and efficient manner to designated individuals. Estate planning includes writing wills, setting up trusts, establishing Powers of Attorney, and planning ahead to avoid unnecessary taxes. ...
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