Welcome to Payroll Taxes Guide
Wa 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.
Wa Payroll Taxes Specific Links
Face to Bush -
- Exclusive exit interviews with President George W. Bush - Despite eight years in the Oval Office, we still have so much to learn about the 43rd President of the United States. www.Atom.com
-- http://www.atom.com/
Luxury Reviews and Trends
- Discover incredible luxury travel, shopping, articles, videos and more...
-- http://www.justluxe.com/
Watch Funny Videos!
- Click here to see funny videos, pictures, jokes, commercials, and more funny stuff from Comedy.com.
-- http://www.comedy.com/
Watch Free Videos At Mevio!
- Tons of Free Videos, Only At Mevio.com
-- http://www.mevio.com/
Get Hired
- Earn more money with a better job now
-- http://www.hotjobs.com/
Wa Payroll Taxes News
UBS' Weil Indicted In US Offshore Tax Probe;To Fight Charges - Beurs.nl
ZURICH -(Dow Jones)- UBS AG (UBS) Wednesday confirmed one of its highest-ranking executives has been indicted in the U.S. in connection with a probe into alleged tax evasion, the latest blow for the Zurich-based bank which is struggling to put over ...
Read more...2nd UPDATE: Sen Baucus Unveils Universal Health Insur Plan - Beurs.nl
WASHINGTON -(Dow Jones)- U.S. Senate Finance Committee Chairman Max Baucus urged quick action on his plan to provide health insurance for all Americans through a new pooling arrangement intended to reduce health-care costs and expand access to ...
Read more...Clear winners in Gov's race - Gregoire campaign staff - Seattle Post Intelligencer
(Editor's Note: This story has been changed since it was first published to clarify that Courtney Gregoire no longer works as legislative director and chief counsel for U.S. Sen. Maria Cantwell.) OLYMPIA -- The campaigns of Gov. Chris Gregoire and ...
Read more...State agencies trim 1,100 paychecks - Olympian
Gov. Chris Gregoire planned to save $90 million with a hiring freeze and other steps taken during the summer. As the economy continued to slump, she ordered a 1 percent reduction in agency budgets and other steps in October. What's next Gov. Chris ...
Read more...Call Collect - Morning News
Some of Arkansas residents' monthly telephone bills may go to pay prison guard salaries, buy school books, or even the office costs of state agencies. Others may go to build a monument somewhere -- anywhere -- in the United States. That's because of ...
Read more...