Welcome to Payroll Taxes Guide
Payroll Payroll Taxes Hr 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.
Payroll Payroll Taxes Hr Specific Links
Payroll Payroll Taxes Hr News
Md. health care advocates to unveil universal plan - San Francisco Examiner
1 hr 26 ago: Md. health care advocates unveil universal plan BALTIMORE ( Map , News ) - A state lawmaker from Prince George's County says he will introduce a bill in the next legislative session that would create a statewide universal health program ...
Read more...Hewitt Associates Reports 2008 Fourth Quarter and Full Year Results - StreetInsider.com
-- Reported net revenues increased 8% in fiscal 2008. -- Reported operating income increased to $312.8 million, compared with an operating loss of $143.0 million in the prior year. -- Underlying operating income increased 30% to $334.0 million, from ...
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...Granby, police union, agree on new contract with 3 percent raises - Union-News & Sunday Republican
GRANBY - Town officials have signed a three-year contract with rank and file Police Department employees granting them raises of 3 percent a year retroactive to July 1. The Selectboard voted 3-0 last week to ink the agreement with the 29-member Local ...
Read more...Escobar accepts job - Corpus Christi Caller
The Caller-Times Editorial Board sat down with Angel Escobar hours after he accepted the position of city manager for Corpus Christi Wednesday. In the third part, Escobar talks about the city council's vote and his decision to accept the position ...
Read more...