Welcome to Payroll Taxes Guide
Payroll Taxes Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
How to Calculate Payroll Taxes
from:When you are first starting your very own business, there are certain things that are really important to figure out right away. One of the most important things is how to calculate payroll taxes. If you are planning on hiring employees to work for you at your business, then you need to know how to do this before you ever hire them. This is because the Internal Revenue Service is really strict on how you file these taxes. If you make a mistake, you could end up paying quite a bit of money to the government, sometimes in the millions. Be sure to learn how to calculate payroll taxes as soon as possible so you can avoid this problem for your company.
You don’t personally need to know the ins and outs of how to calculate payroll taxes. You should leave that up to your accountant instead. Still, it’s important to know what to expect in this regard so that you aren’t surprised by the steps involved.
For one thing, you should know that both you and your employees pay the taxes together. For their portion, the money is withheld by you from their paycheck. This money is put into a fund. They usually pay half of what is owed and then your company pays the other half. It’s best to use an accountant to calculate this stuff rather than learning how to calculate payroll taxes on your own because there is a lot to know and a lot of mistakes to be made.
If you have a small business with only a few employees, though, then it may be better if you handle the accounting yourself. In this way, you may be better off learning this yourself. You can learn how to calculate payroll taxes from several places. There are many books that give this information. There are even classes that you could take. Most large city areas will have classes for business professionals so that they can know more about how to run their business. You could take this class, read some books, and most likely be able to handle the kind of situations that you will run into when it comes to calculating payroll taxes. This would also be a cheaper way to do it since having your own accountant can be really expensive.
If this is a large corporation, then you should definitely leave the calculating of the taxes up to several qualified accountants. When it comes to these situations, it is a lot easier to make a mistake that could cost your company a whole lot of money.
Related Articles for Payroll Taxes
Payroll Taxes Specific Links
Payroll Taxes News
"HIRE" Act aims to help small business owners with tax breaks - WAFF
 The Hindu | "HIRE" Act aims to help small business owners with tax breaks WAFF Those that hire anyone who has been unemployed for at least 60 days will be exempt from paying payroll taxes for that person through December. ... Jobs Bill Becomes Law Senate Backs Tax Credit On New Hires Obama Signs Bill to Provide Tax Cuts for Hiring |
Chart: Highlights of health care bill - USA Today
 USA Today | Chart: Highlights of health care bill USA Today Increasing the Medicare tax that Americans pay on wages was one of the several ways to generate new revenues to pay for the bill. The Medicare payroll tax ... Latest Dem Bill Raises Medicare Tax for Fourth Time -- Before Even Being Enacted How will we pay for health care reform? An increase in Medicare tax Factbox: Details of final healthcare bill |
Health bill gains steam ahead of Sunday climax - Washington Post (blog)
 ABC News | Health bill gains steam ahead of Sunday climax Washington Post (blog) For the first time, the Medicare payroll tax would be applied to investment income, beginning in 2013. A new 3.8 percent tax would be imposed on interest, ... Health Bill Cost Raises Questions On Reform Senate OKs jobs bill for Obama's signature House Unveils Near-Final Reform Package; Weekend Vote Likely |
Tax breaks for hiring the unemployed - WALA-TV FOX10
 India Talkies | Tax breaks for hiring the unemployed WALA-TV FOX10 1, 2011) may qualify for a 6.2-percent payroll tax incentive, in effect exempting them from their share of Social Security taxes on wages paid to these ... HIRE Act to fail in lowering unemployment Florida Democratic Party Chair Applauds President Obama's Signing of Jobs Bill Obama signs jobs bill. "Let's get to work." Transcript |
Hidden Tax Nuggets in the Health Care Bill - Habledash (satire) (blog)
 Reuters | Hidden Tax Nuggets in the Health Care Bill Habledash (satire) (blog) The 2.9% increase to the Medicare payroll tax applies to "unearned income," or individuals that save for the long-term. This doesn't significantly impact ... Health Care's Fuzzy Math Democrats' health care plan gets would cut budget deficit, Congressional ... Roe Criticizes Cost Estimates For Health Care |