Leadership Development...
is the key to 21st. Century Success in business. Harness the power of your peers to help you develop your employees, managers & successors!
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allows you to make strategic decisions about your company's direction every time - all with the help of your peers!
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when your ideas are challenged and your assumptions tested, continually and strategically - by a caring group of your peers!
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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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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.
Here are some more estate planning articles...
Irs Owes You Money If You Paid Long Distance Phone Taxes
By Richard A. Chapo
The IRS has decided to give up the fight on an ongoing legal issue regarding taxes it has collected on long distance telephone services. Here is the scoop. The IRS Owes You Money If You Have Read more...
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Passive Income, Depreciation, And Tax Implications
By Chris Anderson.
2006-08-23 Copyright 2006 Chris AndersonDaggumit, show me how to lose money faster a young and naïve Dr. Anderson instructed his Read more...
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New-to-the-commercial-real-estate-industry--learn-some-beginning-success-tips
By Tony-Seruga,-Yolanda-Seruga-And-Yolanda-Bishop
People dream of being the next Donald Trump or George Ross. In fact, commercial real estate investing is a dream that many success driven people have often- the success, lifestyle and benefits you Read more...
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Irs Offers Free State Sales Tax Deduction Calculator
By Richard A. Chapo
If you itemize your deductions, you may be in for a windfall on this years tax. Yep, Congress has renewed the optional sales tax deduction. Of course, you have to figure it out. If you Read more...
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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>
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making financial and legal arrangements for one or more persons to provide for retirement and for passing assets to their heirs.
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