Welcome to Payroll Taxes Guide
Minnesota 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.
The Importance of Paying Employer Payroll Taxes
from:Are you planning on starting your own business? If so, it is good to find things out about the business beforehand so that you don’t make any costly rookie mistakes. After all, some people who start fresh often lose their businesses if they don’t handle things properly. Some even end up paying hefty fines and going to jail over their mistakes. To make sure this doesn’t happen to you, you should learn as much as possible.
One of the things that you need to know very well is the taxes that you’ll need to pay. For example, most new business owners don’t realize that they will have to pay some of the payroll taxes. They assume that it all just gets taken out of their employee’s paychecks. Well, that’s wrong. In reality, your company is responsible for paying half of the FICA taxes. If you don’t you could be in quite a bit of trouble. These are the employer payroll taxes that you must pay in order to be a legally sound company.
The FICA taxes are very specific. It is the employer payroll taxes for both social security and Medicare. When it comes to social security, you are allowed to withhold 6.2% of your employees’ earning. That portion will go toward paying that tax. Then it is up to you to pay an additional 6.2%. Essentially, that means that both you and the employee are taking equal responsibility in paying that tax. Then, with Medicare, you each pay 1.45% separately. In other words, your portion of the FICA employer payroll taxes will equal 7.65%. This is what your company is responsible for when it comes to all of your employees. You need to do this for each of them.
How much of the employer payroll taxes have a lot to do with how much you pay your employees and how many employees you have to begin with. The bigger your company is, the more you will pay in these taxes. This is necessary and a good thing for your company.
To make sure that you are paying the right money in employer payroll taxes and that you are taking the right amount of taxes out of your employees’ checks, you should use a combination of software programs and accountants. This is especially the case when you have a large company that has many employees. The more employees you have, the more likely you are to make a mistake with the calculations in regards to taxes. Since this can cause a lot of problems, it’s better to get them right the first time.
Minnesota Payroll Taxes Specific Links
Minnesota Payroll Taxes News
Gevity hires decathlete - Herald Tribune
The aim is to save money. The Lakewood Ranch-based professional employer organization, or PEO, said the tips are being released along with Gevity's own "Workplace Fitness Tips for Better Business Performance." Gevity noted that the National ...
Read more...Gevity Partners With Olympic Athlete to Promote a Healthier Workforce ... - StreetInsider.com
Gevity (NASDAQ: GVHR ), a leading professional employer organization (PEO) that provides HR services to businesses nationwide, released today workplace fitness tips from Olympian Trey Hardee along with Gevity's own "Workplace Fitness Tips for Better ...
Read more...Register for FREE - Wall Street Journal
Please register to gain free access to WSJ tools. An account already exists for the email address entered. The Buffalo Bills sure don’t look like the team that began the season by winning its first four games. A four-game losing streak has dropped ...
Read more...Ten Chumps Who Helped Elect Barack Obama - Huffingtonpost.com
Barack Obama ran a great campaign. While shattering all fundraising records, he created a movement backed by small donors , not big lobbyists. Using community organizing techniques derided by his GOP opponents, he mobilized millions of supporters and ...
Read more...County performance audit - Ironton Online
IRONTON — The following information is the unedited Lawrence County Ohio Performance Audit presented by the Ohio State Auditor's office. Some of the charts and tables may not display clearly because formatting required to be placed online. On ...
Read more...