how to withhold payroll taxes
Post on 28-Nov-2014
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Small business owners must withhold payroll taxes to avoid fines and penalties, but what exactly are these payroll taxes? This presentation walks you through the basics of federal income taxes, employment taxes (Social Security and Medicare) along with state and local payroll taxes.
TRANSCRIPT
5 Tips for Hiring Your First Employee
Make the Leap to Hire with Confidence
How to Withhold Payroll Taxes
What Employers Need to Know
Withholding Payroll TaxesWhat to Withhold:
•Federal Income: Based On How Much the Employee Earns.
•Social Security & Medicare: Referred to as FICA (Federal Insurance Contributions Act).
• Each has Specific Rates.
•State & Local Taxes:Most States have Their Own Income Taxes. Many Localities Also have Income Taxes and are Based On:
• City
• School District
• Or County
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