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Washington State Payroll Taxes Article
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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.
Washington State Payroll Taxes News
Mich. worries automaker meltdown could doom state - The Associated Press
 The Southern Ledger | Mich. worries automaker meltdown could doom state The Associated Press - Any reduction in auto industry jobs and profits means less tax revenue for state and local governments and more demand for health care and welfare services. ... Region braces for car crash; State, business get ready to cope |
Why the doctor can't see you now - Seattle Post Intelligencer
Why the doctor can't see you now Seattle Post Intelligencer - Aren't patients who've paid into Medicare for decades in the form of payroll taxes entitled to receive a benefit? It falls on the lone physician who stands ... |
Report highlights states' practice of paying retailers to turn in ... - Austin American-Statesman
Report highlights states' practice of paying retailers to turn in ... Austin American-Statesman, TX - Ash noted that retailers don't receive incentives on other taxes they collect, such as payroll taxes. Texas' sales tax revenues have continued to rise ... |
Thoughtful Warriors - National Review Online
Thoughtful Warriors National Review Online, NY - Republicans tended to talk only of income taxes, neglecting the FICA or payroll tax that all wage earners pay. Douthat, author (with Reihan Salam) of Grand ... |
Milford raises tax rate - Wicked Local Milford
Milford raises tax rate Wicked Local Milford, MA - Morin questioned whether the town is run efficiently, asking why an assessor is needed on the payroll, whether paid police details are robbing the town's ... |