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Taxes Information |
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Employment Taxes - What Are They?
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. Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
MORE RESOURCES: In regards to the new property assessment and the prospect for higher taxes, I would like to express my opinion. First, this assessment was made [...] BLAKELY — Garbage fees will rise, but Blakely Borough Council doesn’t plan to hike electric rates or add property taxes as part of its proposed 2009 budget presented this week. MARBLEHEAD and mdash; Homeowners will pay more in property taxes next year. A tax rate of $8.99 and mdash; up from $8.34 and mdash; was announced Wednesday by assistant assessor Michael Tumulty. That translates into a bill for the median single-family homeowner that rises from $4,511 to $4,665. It's an increase of $114 or 3.4 percent. The Three Gorges Project has turned over a total 20.277 billion yuan in national taxes since its first generating unit began operation on July 10, 2003, according to the State Administration of Taxation of the Three Gorges dam zone in Yichang, Hubei province. Since the first turbine generator was put in use, there are now 26 turbine generators in operation as of October 30 this year. By adding ... As the number of people filing claims for unemployment benefits hits a 16-year high, states are imposing higher taxes on employers and reducing benefits to replenish dwindling accounts. A rising equalized assessed valuation will likely bring Morris Elementary School District 54's tax rate under 3.00 for taxes payable next summer. GREENFIELD - The value of single-family homes in the city has dropped, but the tax rate is projected to rise, yielding an overall increase in taxes for the average homeowner. ST. PAUL (AP) — Minnesotans are set to pay more property taxes next year if a number of proposed local tax levies are adopted. The government should move to collect taxes on assets to help close off loopholes in the tax system and raise funds to develop the country's social safety net, according to local academics. Despite a stable general fund budget and no projected increase in real estate taxes, there was a downside to the Loyalsock Township budget work session Thursday afternoon. It involved another sewer rate increase as the township deals with federal- and state-mandated sewer system improvements. Residents will see a 15-percent increase in sewer rates for 2009. |
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RELATED ARTICLES
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How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share How Home-Based Businesses Can Avoid Giving Uncle Sam More than His ShareBy Darren Oliver With the rush to file your taxes by April 15th, you probably did not consider the possibility that you overpaid. According to the General Accounting Office, in 1998 alone, there was $311 million paid unnecessarily to the IRS. Seven Key Tax Deductions for the Self Employed As a sole proprietor, it's wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004.Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements. The Implications of Income Tax Charge on Estate Planning OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon Brown announced proposals to levy an Income Tax charge from 6th April 2005 in those circumstances where the transferor of an asset retains and interest or continues to benefit from that asset. In the instance of real property, the 'benefit' envisaged is the transferor continuing to reside in the property he/she has allegedly given away. Tax Jokes and Quotes Do you realize that some tax forms ask you to check a box if you are BLIND?Quote: "Two years ago it was impossible to get through on the phone to the IRS. Now it's just hard to get through. Surprising Truths About Tax Preparers Choosing the right tax preparer for your business is a decision best not left until April. A former tax preparer and small business mastermind offers insights into the secret world of tax preparers. Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent? Tilting the Tax Laws in Your Favor.In order to accelerate your movement along the wealth building curve, you absolutely MUST have your own business. Taxation of Isle of Man Companies from April 2006 At the present time a company incorporated in the Isle of Man, owned by non-residents and which complies with the other statutory requirements, is not liable to Isle of Man taxation. Whilst locally trading companies pay tax at 18%, a qualifying offshore company pays a flat annual tax of £475 or £1,000. Business Tax Loophole: Leasing Assets To Your Corporation While there are many equally valid reasons to incorporate, saving money on taxes is a consideration that can yield relatively immediate results. Leasing assets to your corporation is a tax strategy you should absolutely consider if you already have a corporation or are thinking about forming one. Know A Tax Cheat? 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