Welcome to payroll taxes Guide
South Carolina State 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 Ins and Outs of Federal Payroll Taxes
from:Did you know that if you own a company and you hire employees for that company that you have to pay federal payroll taxes? Yep, it’s true. This is something that your company has to do. In fact, the Internal Revenue Service is very picky about how they receive the money. If you make a miscalculation and send the wrong amount of money, you may end up seeing fees that rich into the thousands or even into the millions depending on the error. It’s very important to get these federal payroll taxes right so that you don’t have any problems.
There are several things that you should do so that you get this right. First of all, whenever you hire a new employee, you need them to fill out a W-4 form. This form will ask certain questions that will then affect how much money you withhold from their paycheck for taxes. For example, it asks whether they are married and how many dependants they have. Dependants are children and other people that depend on you for living expenses and care. All of these factors affect how much is taken out of the paycheck. Make sure that your employees know this and those they know that they should be filling out the form truthfully.
As an employer, you are responsible for some of the federal payroll taxes. In addition to taking out money from each of your employees’ paychecks, you also need to put in money of your own as well. For example, you will need to pay half of the FICA taxes. FICA is the social security and Medicare taxes. You are supposed to split these federal payroll taxes with the employee. Remember this so that you have a fund send up to save for this kind of money. This will help you pay it when the time comes.
If you get this stuff right, then you shouldn’t have anything to worry about. Make sure that you use an accountant who knows a lot about federal payroll taxes. Although you, as the head of a company, can learn a lot about it on your own, it’s better to get the help of someone with an education on the subject. After all, this is their job. Make sure that you get an accountant who can do it well. Then you can collect the federal taxes from your employees and foot in your share so that everything is done correctly.
South Carolina State Payroll Taxes News
November 2008 - Weblogs.sun-sentinel.com
City residents in southeast and central Fort Lauderdale are guaranteed new representation in City Hall in 2009, and three people who want to provide that service will face off on Tuesday, Nov. 25. The Croissant Park neighborhood is hosting a ...
Read more...New Jersey's budget deficit triples to $1.2B - Newark Star-Ledger
New Jersey's state budget shortfall has tripled to a staggering $1.2 billion because of the nation's economic woes, and it could soar to $5 billion for the next fiscal year, administration officials said today. After a dreadful October that saw tax ...
Read more...Penalizing the uninsured in Oklahoma OFFICIAL PROPOSES curbING driver ... - Daily Oklahoman
No health insurance, no football tickets. Oklahoma must take drastic steps to improve its dismal ranking in the number of residents who have no health insurance, state Insurance Commissioner Kim Holland said Thursday during her agency’s Summit on ...
Read more...Auto aid effort collapses -- December reprieve? - Lincoln Journal Star
WASHINGTON — The $25 billion rescue plan for the auto industry, desperately sought by Detroit’s beleaguered Big Three, collapsed Thursday as Congress drew the line at one more bailout and Democrats said they wouldn’t even consider it until the ...
Read more...Recently in 2010 Category - New York Daily News
How about Christine Quinn for U.S. Senate if Hillary Clinton gives up her seat to become secretary of state? Quinn, the first woman speaker of the City Council, and also the first openly gay person to hold that post, was asked earlier today if she ...
Read more...