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The required Social security and medicare taxes.
Also known as the FICA taxes.
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∙ 12y ago
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Is professional tax can be paid by the employer on behalf of employee?
no its not paid by employer
Which taxes are paid by both the employer and employee at the same rate?
Social Security tax & Medicare tax
What is employment tax liability?
Employment tax liability refers to the amount of taxes an employer is responsible for paying on behalf of their employees. This includes payroll taxes such as Social Security and Medicare taxes, as well as federal and state income tax withholdings. The employer is responsible for deducting and remitting these taxes from the employee's wages to the tax authorities.
What is the Medicare tax amount for 16640?
For the employee, it's 241.28, and there's a like amount paid by the employer.
Is unemploymet tax paid by employer?
In most places yes, although the employee may have to contribute too.
Is social security tax paid by both business and individual consumers?
The employer and employee both contribute to the fund.
What is the maximum fica tax for 2011?
The maximum FICA tax for 2011: Employee 5.65% Employer 7.65% SSI: Employee 4.20% Employer 6.20% MED: Employee 1.45% Employer 1.45% Income subject to SSI tax: $106,800 Employee $4,485.60 Employer $6,621.60
What is on Form 940?
Form 940 is Employer's Annual Federal Unemployment (FUTA) Tax Return. It's a two-page form for reporting the employer's federal unemployment tax liability on the first $7,000 paid to each employee during the calendar year. Part 1 asks if the employer also has paid state unemployment tax, in addition to FUTA. Part 2 determines the employer's FUTA tax on the total taxable FUTA wages (up to $7,000 per employee) at .8 percent (.008). Part 3 determines if the employer can receive a credit on the FUTA tax rate for having paid state unemployment tax. Part 4 determines if the employer has a balance due or an overpayment on the FUTA already paid for the year.
What is the maximum fica in 2011?
The maximum FICA tax for 2011: Employer 7.65% SSI: Employee 4.20% Employer 6.20% MED: Employee 1.45% Employer 1.45% Income subject to SSI tax: $106,800 Employee $4,485.60 Employer $6,621.60
Can an employer require an employee to pay for training which is required for their job?
Yes, they can. It is possible that the training expenses would be tax deductible. You would need to check with a tax professional regarding that aspect of course. Otherwise, payment should be made on a 60-40 or 50-50 basis where in 60% will be paid by your employer and the remaining is to be paid by the employee.
A federal unemployment tax is levied on?
Federal Unemployment tax (FUTA) is levied on the employer at 6.2% of wages paid up to $7000 per employee per year.
What is social security payroll tax?
Payroll taxes generally fall into two categories: deductions from an employee's wages and taxes paid by the employer based on the employee's wages. The first kind are taxes that employers are required to withhold from employees' wages, also known as withholding tax, pay-as-you-earn tax(PAYE), or pay-as-you-go tax (PAYG) and often covering advance payment of income tax, social security contributions, and various insurances (e.g., unemployment and disability). The second kind is a tax that is paid from the employer's own funds and that is directly related to employing a worker. These can consist of fixed charges or be proportionally linked to an employee's pay. The charges paid by the employer usually cover the employer's funding of the social security system, and other insurance programs.
