Juridical 2 U
Home  |  About  |  Articles  |  Reports  |  Links  |  Site Map    
Welcome to Juridical 2 U!
Insurance Articles
•
•
•
•

Home
:: About Us
:: Contact Us
:: Article
:: Reports
:: Links
:: Site Map

Related Links

Speed Boat Insurance

Loading Bay Equipment

Dinghy Insurance

Gap Insurance

Dock Levellers
Employment Taxes ? What Are They?
By Richard Chapo


If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes?

Employment taxes include the following.

1. Federal income tax withholding

2. Social Security and Medicare taxes

3. Federal unemployment tax (FUTA).

Federal Income Taxes/Social Security and Medicare Taxes

You generally must withhold federal income tax from wages paid to an employee. Form W-4 is used to determine the specific amount, although most payroll services or your accountant will do this for you.

Social security and Medicare taxes pay for benefits that workers and families receive under the Federal Insurance Contributions Act (FICA). Social security tax pays for benefits for the retired, survivors, and disability insurance distribution provisions of FICA. Medicare tax pays for benefits under the medical care provisions of FICA. As an employer, you must withhold a percentage of these taxes from employee and match the withholding amount.

In general, you must deposit these taxes by check or cash to an authorized financial institution, typically your bank. Check with your tax professional to make sure you are not required to use the Electronic Federal Tax Deposit System (EFTPS). Regardless of the payment method, you will then report them on Form 941, the Employer?s Quarterly Federal Tax Return

Federal Unemployment Tax (FUTA)

FUTA is a combined federal and state program that provides unemployment compensation to the unemployed. As a business owner, you are solely responsible for paying this tax, to wit, nothing is withheld from the paychecks of your employees. FUTA is determined by using Form 940, but you are encouraged to use a tax professional to determine payment amounts.

Employment taxes can be frustrating for a small business owner. They are, unfortunately, a necessary evil as your business grows.

For more information about this article and/or the author visit http://www.businesstaxrecovery.com

For more information, news and articles see:

Marina Insurance - Marina Insurance
...ber of different policy wordings from a variety of companies, this is a guide is to help you decide what sort of policy would suit you more and give you the exact cover you need. You have to look for ...
Visit Marina Insurance...

Payment Protection Insurance - Payment Protection Insurance
...environment and due to the global economic downturn, there is a real concern for many people regarding the security of their job with the threat of being made redundant ever increasing. The biggest fe...
Visit Payment Protection Insurance...

Car Gap Insurance - Car Gap Insurance
...d of car gap insurance until recently. I suppose unless you buy a car on finance you might not know about such policies. As I understand it the car gap insurance covers you in the event of a car bei...
Visit Car Gap Insurance...

Ppi Claims - Ppi Claims
... The representative from the bank seemed to bamboozle you with facts and figures and to be honest; you didn`t quite understand what was going on. You just wanted the loan because you needed a newer ...
Visit Ppi Claims...

Jet Ski Insurance - Jet Ski Insurance
... the UK and there are many makes and models that frequent numerous Jet Ski Insurance water centres. Taking to the wet stuff on your powerful jet ski will be an exhilarating experience and you`ll Jet ...
Visit Jet Ski Insurance...

Dock Levellers - Dock Levellers
...hat you can place your vehicles near for loading and unloading your various goods. Our levellers are extremely strong and durable, and are made to handle your vehicle with ease. You are given easy ope...
Visit Dock Levellers...

Loading Bay Equipment - Loading Bay Equipment
...th this equipment, you are able to load and unload all your merchandise with great ease and efficiency. We provide high quality equipment which is cost effective as well. We implement all possible saf...
Visit Loading Bay Equipment...

Courier Insurance - Courier Insurance
... sent might be quite costly or important. Losing such document or parcels can mean huge losses for some people. Therefore,Courier Insurance has become an important consideration for any one using mail...
Visit Courier Insurance...

Gap Insurance - Gap Insurance
... all be familiar with car insurance but how many people know what gap insurance is? I know that I had never heard about this type of insurance before until it was brought to my attention recently. T...
Visit Gap Insurance...

Hgv Courier Insurance - Hgv Courier Insurance
...u would normally purchase for a delivery business. So there are now insurers who specialise specifically in more complex insurance policys, they are experts in business insurance; therefore they will ...
Visit Hgv Courier Insurance...
Click For More Detailed Information on:
Home  |  About Us  |  Contact Us  |  Articles  |  Special Reports  |  Links  |  Site Map
Copyright © 2003-2010. All Rights Reserved.


Valid CSS!