How do I hire employees? How do I pay employer payroll taxes? Payroll can be confusing! This video simplifies it ALL! My Gusto link: https://gusto.com/r/PloJd/?utm_source=reflink If you sign up through my link, you'll receive access to my training program for free! Need a better tax experience? My process helps you with your finances & growing your business! https://www.amandarussell.mba/tax-services/ Need help with your finances & growing your business? Learn more: https://www.amandarussell.mba/businessgrowthprogram/
Views: 5152 Business Finance Coach
Withholding Taxes: How to Calculate Payroll Withholding Tax Using the Percentage Method There are multiple ways to calculate withholding taxes. One way is by using the Percentage Method. To begin using the Percentage Method, you must have the employees W-4 form. The employees W-4 form will outline how many allowances the employee is claiming. This information is always necessary when calculating withholding taxes. Your first step is to determine your payperiod, whether you are paying on a weekly, biweekly, or monthly basis. You will then multiply one withholding allowance for your payroll period by the number of allowances indicated on the employee's W-4 form. Next, you will subtract this amount from the employees wages. You will then go to Publication 15, pages 43-44 and use the Percentage Method Withholding Tables to determine the amount of withholding taxes for your employee. Please make sure that you are using the correct IRS table, the correct pay period section and the correct marital status column. All of these steps are outlined in the above video with two very detailed step by step examples.
Views: 121991 Karin Hutchinson
Want to learn E-Pay instead: https://canduskampfer.com/epay-to-pay-payroll-taxes-in-quickbooks/ Join my Quarterly and Year End Forms Course and learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: QBO: https://canduskampfer.com/YearEndFormsQBO Desktop: https://canduskampfer.com/YearEndTaxForms Don't miss a tip, Join my Tips & Tricks: https://CandusKampfer.com/tips Candus' Free Mini Course: https://canduskampfer.com/minicourse/ Find out how to Join my QuickBooks Simplified Community: http://quickbookssimplified.com Are you new to QuickBooks or are you struggling to figure out the software? Would you love a course that is step by step vs searching for each answer and trying to figure it all out on your own? I would like to share with you my course called Confidence with QuickBooks. Everyone who has taken the course loves it. For more details visit: http://ConfidenceWithQuickBooks.com If you need help with QuickBooks, set up an appointment here: https://canduskampfer.com/private-sessions-with-candus/ Click here to be notified of upcoming Webinars & Workshops: https://canduskampfer.com/webinar-wai... Learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: https://canduskampfer.com/quarterly-and-year-end-forms-cou Have a great day! Candus :)
Views: 36132 Candus Kampfer
Contact us at 888-727-8796 if you need assistance with your tax problem (and yes, your information will be subject to the attorney client privilege). We’ve successfully assisted thousands of clients deal with IRS issues. You can also email us at [email protected] We deal with both domestic and offshore issues. www.irsmedic.com Before the 1940’s, taxes were only paid by the ‘Fat Cats’, and they were paid in quarterly installments. Since such a small percentage of people were paying taxes, it was easy for the government to ensure that everyone was compliant. They assured us that only these ‘Fat Cats’ would pay --- until they 'changed their mind' to expand the tax burden to include everyone. “But it’s war time! The budget is suffering and we need your help! Don’t worry…this tax won’t be around forever!” And so we all began to pay. What the government realized quite quickly was that they could rapidly lose control of compliance and collections since there were now so many people paying taxes. They also realized that since they were taxing people a percentage of their salary, the tax debts could add up to the point that the taxpayers just couldn’t afford to pay it back. Taking control with “Pay as you go”: In 1943, Congress passed the Current Tax Payment Act. The idea was born from Beardsley Ruml, an executive for R.H. Macy & Co. and adviser to Roosevelt. In his experience in working with customers from Macy's, he noticed that people didn’t like big bills --- they instead liked to make partial, smaller payments. His “Pay as you go” idea grew into this act that required employers to withhold a percentage of federal income taxes from their employees wages. The employers would then be responsible for paying the government on the workers behalf. Withholding was a great way to keep control of the masses. It’s easier to police a smaller number of taxpayers, and, employers are easier to influence as they have more at stake. Understanding withholding and payroll taxes: Payroll withholdings are the taxes and benefits paid by the employee and include: Employee portion of Social Security tax - 6.2 percent Employee portion of Medicare tax - 1.45 percent (a 0.9 percent Medicare surtax when the employee earns over $200,000) Federal income tax State income tax Court-ordered withholdings As an employer, you are technically the 'trustee' and are holding this money 'in trust' for the government until your quarterly payment is due (4/15, 6/15, 9/15, 1/15). Technically, this is not your money... it is the governments. The law also requires you to pay the employer's portion of two of these taxes: a 6.2 percent Social Security tax a 1.45 percent Medicare tax (the “regular” Medicare tax). We have a lot of clients that are dealing with payroll tax debt. The stress can feel overwhelming, and you may make poor choices trying to solve the issues on your own. It’s a scary thing because you are talking about not only your own livelihood, but also the livelihood of your employees. Scarier still is that you are personally liable for this debt; it's not just the responsibility of 'the business' to pay it back. In our experience, we find that 98% of payroll tax problems are caused by cash flow. Cash flow problems can easily spiral out of control, and can be caused by a client that burns you, a natural disaster, a lawsuit, or employee embezzlement, to name just a few reasons. Unfortunately, we find that the nicest people end up with payroll problems because they may be afraid to lay any employees off. These are honest people that didn’t take the money for their own use; they took the money and put it into the business to keep the lights on, or to pay for supplies hoping to turn the business around. They are misunderstood, hard-working, and are simply trying to make ends meet. We’ll talk more in depth in tomorrow’s article about payroll tax solutions and negotiations, but bear in mind that sometimes if you lay people off, you may be able to get your issue under control and end up re-hiring them. If you need assistance with a payroll tax debt, don’t hesitate to contact us. We’re here to help. http://www.irsmedic.com Serving US taxpayers worldwide "Real Tax Attorneys for Tough Tax Problems" IRS Medic: Parent & Parent LLP 212.256.1335 888-727-8796 Twitter: https://twitter.com/irsmedic Facebook: https://www.facebook.com/TheIRSMedic
Views: 7910 IRS Medic
People often think QuickBooks updates all of the Payroll Taxes automatically. You have to manually change two of the state taxes in California every year! SUI & ETT. Join my Quarterly and Year End Forms Course and learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: QBO: https://canduskampfer.com/YearEndFormsQBO Desktop: https://canduskampfer.com/YearEndTaxForms Need help with QuickBooks, setup an appointment here: https://canduskampfer.com/strategy-session/ Interested in the upcoming Webinars: https://canduskampfer.com/webinar-waiting-list For more tips and Tricks visit: http://CandusKampfer.com Have a great day!!!
Views: 4108 Candus Kampfer
This training will discuss the tax obligations for an employer such as how to recognize employer’s income, employment tax withholding and reporting. The adequacy of internal controls to ensure tax withholding and reporting requirements. Review Form 941 and proper filing guidelines, the reconciliation process applied to the W-2's by the IRS and the Social Security Administration, processes for gathering withholding information from employees on Form W-4. For More Details: https://www.complianceonline.com/payroll-employment-tax-compliance-webinar-training-705709-prdw?channel=Youtube
Views: 34 ComplianceOnline
In this video, on Income Tax vs Payroll Tax we will do comparative analysis of Income Tax vs Payroll Tax. 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱? ------------------------------------ Income tax includes local, federal and state taxes.Taxes fluctuate from place to place as some areas charge an extra local income tax. 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐏𝐚𝐲𝐫𝐨𝐥𝐥 𝐓𝐚𝐱? ------------------------------------ Payroll taxes comprise of taxes on health care,unemployment,and social security.This is the type of tax that contributes to both the employer and the employee. 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐯𝐬 𝐏𝐚𝐲𝐫𝐨𝐥𝐥 𝐓𝐚𝐱 𝐊𝐞𝐲 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 ----------------------------------------------------------------------------- #1 - Income taxes are taxes that a person gets for various incomes.Whereas, Payroll Tax are calculated only through the wages of the employee, that is the income that a person gets through his job/employment. #2 - Income taxes are paid to governments to function.Whereas, Payroll taxes benefit the taxpayers directly, as these taxes are help in Medicare and retirement funds. If you want to know more about 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐯𝐬 𝐏𝐚𝐲𝐫𝐨𝐥𝐥 𝐓𝐚𝐱, you can visit the 𝐥𝐢𝐧𝐤 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐡𝐞𝐫𝐞:- https://www.wallstreetmojo.com/income-tax-vs-payroll-tax/ Subscribe to our channel to get new updated videos. Click the button above to subscribe or click on the link below to subscribe - https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1
Views: 119 WallStreetMojo
The calculation of the federal income tax FIT is one to the most confusing payroll taxes for multiple reasons. One is that it is easy to get the federal income tax FIT payroll tax mixed up with the corporate federal income tax. FIT for payroll taxes is paid based on employee wages. The other reason Federal Income Tax withholdings FIT withholdings are are difficult is because they are based on a progressive tax, one where the rates increase as income increases. The progress income tax used for federal income tax FIT withholdings requires the use of tables to calculate the tax. To fine the proper withholding on the table we need the allowances, marital status, and pay periods. For more accounting information see website. http://accountinginstruction.info/courses/
Views: 615 Accounting Instruction, Help, & How To
https://nomadcapitalist.com/tax-reduction/ While planning tax reduction strategies, people are mostly focusing on the income tax and they are neglecting the important part of the US tax system - the payroll tax. If you're not sure what it represents, this type of tax includes social security and medical care. Digital nomads, freelancers, and other people living and working overseas may avoid paying income tax, but if their company is registered in the US, they still have to pay the payroll tax. That's why opening an offshore company and employing people outside your home country may be the solution you're looking for. ------- ABOUT NOMAD CAPITALIST Andrew Henderson is the world's most sought-after consultant on legal offshore tax reduction, investment immigration, and global citizenship. He works exclusively with six- and seven-figure entrepreneurs and investors who want to "go where they're treated best". Work with Andrew: https://bit.ly/Nomad-Capitalist-Application Andrew has spent the last 11 years studying and personally implementing the Nomad Capitalist lifestyle, and has started offshore companies, opened offshore bank accounts, obtained multiple second passports, and purchased real estate in a total of 20 countries. He has also spent years creating a behavior-based system that helps people get the results they want faster and with less resistance. Andrew believes that everyone can use offshore strategies to keep more of their own money, live a life of freedom, and grow their wealth faster. About Andrew: https://nomadcapitalist.com/about/andrew-henderson/ Our website: https://www.nomadcapitalist.com Subscribe: https://www.youtube.com/subscription_center?add_user=nomadcapitalist Buy Andrew's book: https://amzn.to/2QKQqR0 DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
Views: 2361 Nomad Capitalist
IRS Form 941 - Employers Quarterly Federal Tax Return This payroll tax form is due at the end of each quarter. Every employer must submit this form to detail the payroll tax liabilities for the quarter. This is the form that the IRS uses to reconcile your payroll taxes so please make sure that it is correct. Step by step examples are given in the video.
Views: 65484 Karin Hutchinson
Paymycheck Calc► Calculate Payroll Taxes from our paymycheck Payroll Tax Calculator is complete payroll calculating software, you can calculate federal and state taxes and this software is package for small- and mid-sized businesses which maximize payroll processing productivity and enhance profits.
Views: 1251 mudiam1
Intro into Setting Up payroll Taxes 0:00-0:05 System Liabilities: Payroll Homepage 0:05-0:14 Setup Federal/State Withholding and Payroll Taxes 0:14-0:32 Unemployment Wage Limit/ State Unemployment Tax Percentage 0:32-1:18 Calculate Overtime Over (Hours) 1:18-1:29 Start Week Day/ End Week Day 1:29-1:31 Withholding(s) Setups 1:31-1:55 Overview of the Movie 1:55-2:29 This is the page that ties a corporation to the correct tax tables, wage limits for SUTA taxes (state unemployment), and expense types to hold the taxes and withholdings for state and federal accounts. 1. Calculate Overtime Over (hours) - Enter the number of hours that are considered normal (non overtime). Anything above this will be calculated as overtime if the user has the calc overtime switch turned on. Default is 40 hours but may be changed up or down depending on your corporation. Value should be between 1 and 99. 2. Start Week Day - Choose a day of the week to start recording hours and overtime. The default is Sunday. 3. End Week Day - Choose a day of the week to end recording hours and overtime. The default is Saturday. 4. Pay Frequency - Choose an option from the list provided. Each individual is set up with their own pay frequency as well. 5. Federal Income Tax Withholding - Choose an expense type from the list provided to hold tax/withholding amounts. 6. Federal Unemployment Withholding - Choose an expense type from the list provided to hold tax/withholding amounts. 7. Social Security - Corp/Business Withholding - Choose an expense type from the list provided to hold tax/withholding amounts. This is the employer contribution for social security. 8. Social Security - Employee Withholding - Choose an expense type from the list provided to hold tax/withholding amounts. 8. Medicare - Corp/Business Withholding - Choose an expense type from the list provided to hold tax/withholding amounts. This is the employer contribution for medicare. 10. Medicare - Employee Withholding - Choose an expense type from the list provided to hold tax/withholding amounts. 11. State Income Tax Withholding - Choose an expense type from the list provided to hold tax/withholding amounts. 12. State Unemployment Withholding - Choose an expense type from the list provided to hold tax/withholding amounts. 13. State Unemployment Wage Limit - Enter the wage cap for withholding SUTA or state unemployment. Each state is different and this field is maintained by the corporation or user. 14. State Unemployment Tax Percentage - Enter the SUTA tax percentage assigned to your corporation. This is a user-maintained field and can be found out from your local and state SUTA agency. Enter numbers as a percent (without the % sign). Example enter 3.92 instead of 0.0392
Views: 209 adilasbiz
omputing payroll taxes Employee taxes When employers pay employees, they are required to withhold the employees taxes. The rates and limits for these taxes change with new laws. For this problem, assume the withholding amounts include the following: withholding for the old age portion of FICA taxes = 6.2%, up until the employee reaches ,100 of compensation for the calendar year. After that the rate goes to\u00a0\u00a0 zero. withholding for the medicare portion of FICA taxes = 1.45% of all compensation federal income taxes = 10% of compensation (in reality this amount will vary by person depending the W-4 exemptions they claim and the tax bracket for the wage) state income taxes = 0% for this problem At the point of withholding, the amount is a trust fund liability to the federal and state governments. Employer taxes In addition, employers also pay taxes on compensation. Employers (at this time) owe the same amount as employees for both kinds of FICA taxes. The limits are also the same. Further, employers pay taxes for unemployment compensation at the state and federa level. For this problem, assume the following : State unemployment compensation taxes = 1% on the first ,000 of wages for the calendar year Federal unemployment compensation taxes = .8% on the first ,000 of wages for the calendar year Please compute the employee and employer payroll taxes for Otis Company. Record the payroll expense for September. Record the payroll tax liabilities for September. Then record the payment of those taxes at the end of the month. Use Excel forumlas to help you compute amount
Views: 2 er fd
Welcome to 2018 Payroll in Excel - What's happening to my Paycheck edition! The video shows a Semi-Monthly Payer paycheck and withholding formulas. A Weekly Version coming soon. visit http://www.kenbraverman.com/payroll-in-excel-2018-whats-going-on-with-my-paycheck/
Views: 10844 Ken Braverman
Federal unemployment tax or FUTA is a payroll tax that is paid by the employer only. In other words the payroll tax is based on employee wages but is not withheld from employee pay but taken form the employer. Employer only payroll taxes are often less understood because most people have less experience with them as employees. FUTA payroll tax can also be confusing because it has a low cap of $7,000 at this time. In other words the employer pays FUTA tax on the first $7,000 of each employee earning and then stops paying FUTA after the employee has reached the 7,000 cap. The other confusing thing about FUTA is that the rate is tied to Statue Unemployment Tax or SUTA. In other words, the FUTA tax rate is less if the state has SUTA that the employer must pay. Just about every state does have SUTS so companies generally pay the lower FUTA rate. The FUTA tax is a kind of flat tax, or even rate up to the 7,000 cap. For more accounting information see website. http://accountinginstruction.info/courses/
Views: 709 Accounting Instruction, Help, & How To
Calculating Illinois state tax withholding is fairly straightforward, for more information on the Payroll in Excel Sprapp, visit www.kenbraverman.com
Views: 95 Ken Braverman
What is FICA and what exactly does Payroll Tax cover? How does a business owner or employee budget for the Payroll tax? What does it mean for employers and self employed business owners? What do the 2013 new Medicare taxes mean for employers? How should employers stay up to date on Federal and State employment taxes for employers?
Views: 4389 PAYDAY Workforce Solutions
How to process payroll taxes through EFPTS & EDD website: https://youtu.be/XfhMfqIySrA Join my Quarterly and Year End Forms Course and learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: QBO: https://canduskampfer.com/YearEndFormsQBO Desktop: https://canduskampfer.com/YearEndTaxForms Don't miss a tip, Join my Tips & Tricks: https://CandusKampfer.com/tips Candus' Free Mini Course: https://canduskampfer.com/minicourse/ Find out how to Join my QuickBooks Simplified Community: http://quickbookssimplified.com Are you new to QuickBooks or are you struggling to figure out the software? Would you love a course that is step by step vs searching for each answer and trying to figure it all out on your own? I would like to share with you my course called Confidence with QuickBooks. Everyone who has taken the course loves it. For more details visit: http://ConfidenceWithQuickBooks.com If you need help with QuickBooks, set up an appointment here: https://canduskampfer.com/private-sessions-with-candus/ Click here to be notified of upcoming Webinars & Workshops: https://canduskampfer.com/webinar-wai... Learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: https://canduskampfer.com/quarterly-and-year-end-forms-cou Have a great day! Candus :)
Views: 8924 Candus Kampfer
e-Services for Business, YouTube video describing how to register for an employer payroll tax account number.
Views: 4691 CaliforniaEDD
Recorded with https://www.cam-recorder.com
Views: 60 Allison Padovani
Payroll can get overwhelming, here's a quick video on how I recommend paying your payroll liabilities. Remember I'm not a tax professional ;) I'm an entrepreneur who specializes in QuickBooks. Join my Quarterly and Year End Forms Course and learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: QBO: https://canduskampfer.com/YearEndFormsQBO Desktop: https://canduskampfer.com/YearEndTaxForms Don't miss a tip, Join my Tips & Tricks: https://CandusKampfer.com/tips Candus' Free Mini Course: https://canduskampfer.com/minicourse/ Find out how to Join my QuickBooks Simplified Community: http://quickbookssimplified.com Are you new to QuickBooks or are you struggling to figure out the software? Would you love a course that is step by step vs searching for each answer and trying to figure it all out on your own? I would like to share with you my course called Confidence with QuickBooks. Everyone who has taken the course loves it. For more details visit: http://ConfidenceWithQuickBooks.com If you need help with QuickBooks, set up an appointment here: https://canduskampfer.com/private-sessions-with-candus/ Click here to be notified of upcoming Webinars & Workshops: https://canduskampfer.com/webinar-wai... Learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: https://canduskampfer.com/quarterly-and-year-end-forms-cou Have a great day! Candus :)
Views: 30617 Candus Kampfer
Lesson thirteen explores the cost of payroll taxes on the firm. The cost of Social Security, Medicare, and state and federal unemployment taxes that employers must pay on behalf of their employees are calculated and discussed. Handout - https://drive.google.com/file/d/0B4R_gW1fpAXZOWY3MWU0OTYtMGQ3ZS00ZDNiLTg1MGEtY2YxMjkyY2U4OTcw/edit?usp=sharing Transcript - https://drive.google.com/file/d/0B4R_gW1fpAXZYmFmNTgzNDItNmRmMC00OGE4LThhZWItYmM3NGRhMzk3NjQ4/edit?usp=sharing
Views: 14704 Charlotte Houke
e-Services for Business video describing how to make a payroll tax deposit payment.
Views: 7520 CaliforniaEDD
As a small business owner, you must withhold payroll taxes to avoid fines and penalties, but what exactly are these payroll taxes? Watch this video to learn about federal income taxes, employment taxes (Social Security and Medicare) along with state and local payroll taxes. You'll also find current FICA tax rates. For more information, visit: http://www.surepayroll.com/online-payroll/payroll-withholding.asp
Views: 1069 SurePayroll Inc.
Tracking employee movement across state and country boundaries presents many challenges to payroll departments and can open employers up to compliance risks. Access this free report (link below) and gain insights on employers’ payroll tax practices related to mobile, domestic and foreign, nonresident employees working temporarily within the U.S. You can access the 2017 webcast slide deck (link below) for more highlights of the 2016 survey. Free Report: https://www.bna.com/2016-multistate-payroll-m57982083947/ 2017 Webcast Slide Deck: http://rsvp.ey.com/CSG3/2015/1503/1503-1425204/GetOnBoard/Multistate%20tax%20compliance-getting%20to%20the%20source%20-%20June%2021,%202017.pdf
Views: 153 Bloomberg BNA
Payroll taxes are federal, state and local taxes withheld from an employee's paycheck by the employer. These taxes consist of income taxes as well as Social Security and Medicare taxes, the latter two often referred to as "the payroll tax."
Views: 42 SurePayroll Inc.
We automatically calculate, file and pay the federal, state and local payroll taxes for you. We assume complete responsibility for all payroll tax deadlines, relieving you of the burden for any late payment penalties. Call us today! 732-987-3996 www.smartpaynj.com
Views: 82 SmartPay Payroll
What Is the Payroll Tax Withholding on a Weekly Income?. Part of the series: Tips on Managing a Business. Payroll tax withholding on a weekly income is calculated in a very specific way. Learn about payroll tax withholding on a weekly income with help from a versatile business and financial consultant in this free video clip. Read more: http://www.ehow.com/video_12200755_payroll-tax-withholding-weekly-income.html
Views: 223 ehowfinance
The form 941 is a quarterly payroll tax form. Form 941 is filed four times a year and report payroll liability and deposits for federal income tax (FIT), social security, and Medicare, the FICA taxes. Form 941 is not used to calculate what we owe so we can make quarterly payment. Form 941 is an information return. In other word, we should already have paid the IRS for FICA and FIT before completing form 941. Form 941 will recalculate taxes owed for the quarter and payments made. Form 941 will calculate both the employer and employee portion of payroll taxes. Federal income tax withholding are all employee taxes while social security and medicare have an employee and employer portion. For more accounting information see website. http://accountinginstruction.info/courses/
Views: 8762 Accounting Instruction, Help, & How To
Multi-state tax compliance can be confusing and stressful for human resources directors in charge of payroll. Local, state and federal regulations are always changing, requiring business leaders to constantly be on their toes. Join Patrick A. Haggerty to learn more on Multi-state Tax Issues for Payroll 2016.Buy the full version of the webinar at http://bit.ly/Multi-StateTaxIssues For more similar training programs checkout these links: 1. http://bit.ly/Tax-Levies 2. http://bit.ly/Tax-Report-Correctly 3. http://bit.ly/Multistate-Taxation
Views: 627 OnlineCompliancePanel
Social security tax calculations focusing on the employee side for social security. We will calculate social security in the payroll register. Social security is closer to a flat tax in that we have a fixed rate we multiply time wages. Social security does a cap however, meaning we stop calculating social security taxes after an employee has reached the cap. Social security has an employee and employer portion. For more accounting information see accounting instruction website. http://accountinginstruction.info/courses/
Views: 445 Accounting Instruction, Help, & How To
Quarterly Payroll Form 941 & Payroll Report Forms From QuickBooks
Views: 1064 Accounting Instruction, Help, & How To
This screen recording demonstrates the steps in calculating total earnings and also the calculation of federal income tax, social security tax, and medicare tax. These concepts were demonstrated through the completion of Work Together 12-1 & 12-2
Views: 43312 MrsDePriestSHS
Accounting Services Irvine http://cpa-accountant-irvine.com Let's talk about 2012 pay tax for employers. Each year millions of business owners have to report payroll taxes for their employers. Irvine CPA understands the process can be daunting, especially if you have a large number of employees. Some of the benefits of filing payroll taxes can be very good for your business too. You should be prepared to file taxes for both federal and state taxes, with the exception of certain states such as the state of Nevada. Checking with your local state office to see if state taxes are owed in your particular state. Payroll taxes are the state and federal taxes that you as an employer are required to withhold in/or to pay on behalf of your employees. You are required to withhold state and federal income taxes as well as social security and medicare taxes from your employees' wages. This is to ensure proper filing with the IRS for payroll tax for employers. This information will also vary greatly based on the number of employees you have at your business and how this information is treated. For example, if you're reporting taxes for employees; employees will fill out the W4 form with all his or her information. This will mean that you as the employer are paying toward the taxes on a paycheck basis. If your employees are independent contractors, they will fill out a 1099 form and the employees are responsible for filing their own taxes on this earned income. Here are the fighter an SECA tax rates. All states require employers to pay taxes towards social security and medicare for payroll tax for Employers. Paying towards this type of tax helps employees enhance their social security and medicare benefits in future years. These taxes hold the following deduction rates. Social security tax withholding 6.2% up to the annual maximum and medicare tax withholding 1.45%. FICA stands for federal insurance contributions act. The FICA tax consists of both social security and medicare taxes. Irvine CPA tells us that social security and medicare taxes are paid both by the employees and the employer. Both parties pay half of these taxes. Employees pay half and the employers pay the other half. Together both halves of the FICA tax add up to 15.3%. The 15.3% FICA tax is broken down as follows... Social security: employee pays 6.2% Social security: employer pays 6.2% Medicare: employee pays 1.5% Medicare: employer pays 1.45% Together both halves of the FICA taxes add up to 15.3%. The 15.3% FICA tax is broken down as follows.... The social security the employee pays 6.2%. An employer pays 6.2%. With medicare the employee pays 1.5%. An employer also pays 1.45%. For 2012 the employee portion of social security is anticipated to be reduced to 4.2% instead of 6.2%. It is imperative to revert back to the full tax amount for the coming year, as any reduction in rates can cause penalties to be assessed to your company. You most likely make tax payments quarterly. Tax payments should be assessed by your company and each statement filed and reported to the IRS. Irvine CPA knows that this means as an employer you will be required to file and make federal tax deposits on a regular and timely basis. Complete and file your annual tax unemployment tax return (this is form 940) and file your employer's quarterly payroll return (941). Complete and file your annual tax return of federal withheld income-tax (form 845) Complete and file your wage and tax statement (form W2). In some circumstances, you may need to update employee information and withholdings during the year as well. If filing your payroll tax feels like a daunting task, where you really don't understand what to do, there are some agencies out there to help you get everything in order without having to hire tax attorney or CPA. A majority of these businesses are able to contact and assess your tax standing with the IRS and/or state in which your business resides and file any paperwork accordingly. These types of businesses not only can help you get your payroll tax prepared, they can also help you to determine how to start filing for employees, how to add or remove employees from your taxes. These types of services can help provide significant savings, as well as make sure that you are not assessed any penalties for later incorrect filings. For more information and to schedule a free consultation please visit us at: http://cpa-accountant-irvine.com Share this Irvine Accounting System Video: http://youtu.be/0_DPUixHdsQ http://www.youtube.com/watch?v=0_DPUixHdsQ Accounting Services Irvine
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In this episode, our resident tax guru, Ashley Hamilton, explains the Employer Compensation Expense Program (ECEP), the optional Employer Compensation Expense Tax (ECET), and how New York State established them to circumvent the Tax Cuts and Jobs Act of 2017. The TCJA placed a $10,000 limit on how much state and local tax an employee can claim. Welcome to Payroll Country: https://completepayroll.com/
Views: 311 Complete Payroll