Payroll tax

Taxes levied on employee's salaries or net income of self-employed individuals. Social Security taxes are imposed upon employees; self-employed individuals and employers are responsible for a matching amount. Unemployment taxes are levied only upon the employer.

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Payroll Taxes

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Payroll taxes include a number of different taxes that must be withheld from wages by all businesses that have employees. Small businesses that employ persons other than the owner or partners are required to withhold payroll taxes from the wages paid to employees, remit these taxes to the Internal Revenue Service (IRS), and make regularly scheduled reports to the IRS about the amount of payroll taxes owed and paid. Businesses are not required to withhold payroll taxes on wages paid to independent contractors. It is important to be aware of the distinctions between independent contractors and employees, however, because the penalties for misclassification can be severe.

Many small businesses fall behind in paying these taxes or filing the associated reports at some time during their existence. This is a very bad practice, however, because significant interest and penalties apply for late payment or nonpayment of payroll taxes. In fact, the Trust Fund Recovery Penalty allows the IRS to hold a small business owner or accountant personally liable for 100 percent of the amount owed, even in cases where the business has gone bankrupt.

Types of Payroll Taxes

Three main types of taxes fall under the category of payroll taxes:

The regular income tax that must be withheld from employees' paychecks. Employees can adjust their income tax withholding by filing Form W-4 with their employer and designating the number of withholding allowances they wish to claim. Ideally, the total income tax withheld should come close to equaling their overall tax liability at the end of the year. By adjusting their withholding allowances properly, employees can avoid owing large amounts in taxes or providing the government with an interest-free loan.
Federal Insurance Contribution Act (FICA) taxes, which include contributions to federal Social Security and Medicare programs. Employers are required to withhold 7.65 percent of the first $62,700 of an employee's income for FICA taxes. Employers are also required to match that amount for every employee, so that the total FICA contribution is 15.3 percent. Self-employed persons are required to pay both the employer and employee portions of the FICA tax.
Federal Unemployment Tax (FUTA), which is approximately 1 percent of the first $7,000 in wages paid to an employee. This tax is paid in full by the employer.

Payroll Tax Remittance and Reporting

In addition to withholding payroll taxes for employees, employers must remit these taxes to the IRS in a timely manner. The regular income taxes and the portion of the FICA taxes that are withheld from employees' wages each pay period must be remitted to the IRS monthly, along with a Federal Tax Deposit Coupon (Form 8109-B). If the total withheld is less than $500, however, the business is allowed to make the payments quarterly. In 1996, the IRS began requiring businesses that owed more than $47 million in payroll taxes annually to make their monthly payments via telephone or computer through the Electronic Federal Tax Payment System. The threshold for electronic filing was scheduled to drop to $50,000 in annual payroll taxes by January 1, 1997, but the deadline was pushed back to June 30, 1998. In addition, two bills were introduced in Congress that would make electronic payments of payroll taxes voluntary for small businesses with few employees.

Employers must also file four different reports regarding payroll taxes. The first report, Form 941, is the Employer's Quarterly Federal Tax Return. This report details the number of employees the business had, the amount of wages they were paid, and the amount of taxes that were withheld for the quarter. The other three reports are filed annually. Form W-2—the Annual Statement of Taxes Withheld—must be sent to all employees before January 31 of the following year. It details how much each employee received in wages and how much was withheld for taxes over the course of the year. Copies of the W-2 forms for all employees also must be sent to the Social Security Administration. The third report, Form W-3, must be sent to the IRS by February 28 of the following year. It provides a formal reconciliation of the quarterly tax payments made on Form 941 and the annual totals reported on Form W-2 for all employees. The final report is the Federal Unemployment Tax Return, Form 940, which outlines the total FUTA taxes owed and paid for the year.

Most states—as well as some large cities—have their own income tax that businesses must withhold from employees' wages and report to the appropriate authorities. States may also have other payroll taxes that must be collected from employees, as well as unemployment taxes that must be paid by the company. The payment schedules and reporting procedures for state and local payroll taxes are usually consistent with those applied to federal payroll taxes.

Exceptions to Payroll Tax Rules

There are certain situations in which small businesses can avoid owing payroll taxes. For example, special rules apply to sole proprietorships and husband-and-wife partnerships that pay their minor (under 18) children for work performed in the business. These small businesses receive an exemption from withholding FICA taxes from their children's paychecks, and are also not required to pay the employer portion of the FICA taxes. In this way, the parent and child each save 7.65percent, for a total of 15.3 percent. In addition, the child's wages can still be deducted from the parents' income taxes as a business expense. Children employed in small family businesses also usually qualify for an exemption from the FUTA tax until they reach age 21.

There is no limit on how much children can earn and still receive the FICA tax exemption. However, it is important that the wages paid to the child are reasonable for the job performed, and that the hours worked by the child are carefully documented, so it will be clear to the IRS that the child has not been paid for nothing. In addition, parents should note that their child's financial aid for college may be reduced if they earn more than $1,750 per year.

Small businesses also are not required to withhold payroll taxes for persons who are employed as independent contractors. Using independent contractors rather than hiring employees can be a very attractive option for small businesses. By avoiding responsibility for payroll taxes and all the associated paperwork, as well as avoiding the need to pay benefits, businesses may find that using an independent contractors cost between 20 and 30 percent less than hiring an employee. But misclassifying an employee as an independent contractor can have dire consequences for a small business. The IRS examines such relationships very carefully, and in cases where an independent contractor must be reclassified as an employee, the business may be liable for back taxes plus a special penalty of 12 to 35percent of the total tax bill.

The IRS uses a 20-step test to determine whether someone is an employee or an independent contractor. True independent contractors, according to the IRS definition, are in business for themselves with the intention of making a profit and are not under the direct control of the client company. To protect their companies from potential problems, small business owners should make sure that independent contractors are paid by the job rather than by the hour, set their own hours and rules, work on their own premises using their own equipment, sign a specific contract for each project, and make themselves available to multiple clients. Rather than withholding taxes, small businesses simply file an annual informational return—

Form 1099, Statement of Miscellaneous Income—detailing the total amount paid to each contractor. No reporting is required for contractors that were paid less than $600 over the course of a year.

Trust Fund Recovery Penalty

"All too often in a small-business setting, the owner or executive finds himself/herself in a cash flow bind and must make a choice between paying essential suppliers and employees' salaries to stay in business or remitting employees' payroll taxes to the IRS on a timely basis," Ray A. Knight and Lee G. Knight explained in an article for Management Accounting. "A typical scenario is that, for short-term survival, the business owner or executive decides to meet current creditors' requirements and forces the IRS to become a creditor with the hope that in the long term the business can pay the IRS the delinquent taxes plus interest and penalties. Often, however, the business becomes insolvent and declares bankruptcy. To avoid a significant erosion of tax revenue and to address this problem, in 1954 Congress enacted a penalty—equal to the unpaid payroll taxes—against all responsible persons who willfully fail to collect and turn over the money."

This penalty for the failure to withhold or remit payroll taxes, known as the Trust Fund Recovery Penalty (TFRP), is included under Section 6672 of the Internal Revenue Code. It allows the IRS to hold individuals associated with a business personally liable for 100 percent of the unpaid amount when the business fails to meet its payroll tax obligations. The TFRP applies to employee funds that the employer holds in trust for the IRS—all of the regular income tax withheld and the employee half of the FICA tax—but not to the employer portions of payroll taxes. The penalty is particularly severe because the IRS considers an employer who fails to pay to be violating a trust. The TFRP can be applied in addition to civil and criminal penalties, including the seizure of business assets and forced closure of the business. And since it is a penalty rather than a tax, the TFRP is not erased by bankruptcy.

In order to apply the TFRP to an individual, the IRS must prove the person's responsibility (that he or she had the power to make the decision about whether or not to pay) and willfulness (that he or she knowingly failed to act rather than made an honest mistake) for the business's failure to remit payroll taxes. In making its determination about who to hold responsible, the IRS looks at who made the financial decisions in the business, who signed the checks, and who had the duty of tax reporting. Under these rules, a small business owner can be found personally liable even if a staff member or outside accountant was directly responsible for payroll tax compliance. In cases where both the business and the owner go bankrupt, the company's accountant may be tagged as the responsible party and held personally liable.

Because the law regarding payroll tax noncompliance is so sweeping, small business owners should pay particular attention to the trust fund taxes. It is vital to keep the taxes that are covered by the TFRP current, even when the business is experiencing cash flow problems. If it appears as if the small business is heading for bankruptcy, these taxes should be paid prior to filing, when management can still designate where the IRS should apply payments. After the company files for bankruptcy it loses this option, and the IRS will apply any payments elsewhere since they can collect the TFRP from individuals associated with the company. "Obviously, if a company is experiencing cash flow problems, accountants and other responsible persons are tempted to pay creditors who cry loudest and whose nonpayment will have an immediate negative impact, such as vendors who will stop shipping necessary supplies," Knight and Knight noted. "Not paying the IRS may solve short-term cash flow problems—but at the long-term personal expense of the responsible person who makes that decision."

Payroll Tax

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Tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee. In most countries, including the U.S., both state and federal authorities collect some form of payroll tax.

Investopedia Says:
Governments use revenues from payroll taxes to fund such programs as Social Security, healthcare, unemployment compensation, worker's compensation and sometimes local governments even require a small tax to maintain and improve local transportation.

On an employee pay stub, payroll taxes deducted are likely to be itemized.

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Wikipedia on Answers.com:

Payroll tax

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Taxation
An aspect of fiscal policy
Policies Government revenue Tax revenue · Non-tax revenue Tax law · Tax bracket Exemption · Credit · Deduction Tax shift · Tax cut · Tax holiday Tax advantage · Tax incentive Tax reform · Tax harmonization Tax competition · Double taxation Representation · Unions Medical savings account Tax, tariff and trade
Economics Price effect · Excess burden Tax incidence Laffer curve · Optimal tax
Collection Revenue service · Revenue stamp Tax assessment · Taxable income Tax lien · Tax refund · Tax shield Tax residence · Tax preparation Tax investigation · Tax shelter Private tax collection · Tax farming
Noncompliance Tax avoidance · Tax evasion Tax resistance · Tax haven Smuggling · Black market Unreported employment
Distribution Tax rate Progressive · Regressive Proportional
Types Direct · Indirect · Ad valorem · In rem Capital gains · Consumption Dividend · Excise · Georgist Gift · Gross receipts · Income Inheritance (estate) · Land value Payroll · Pigovian · Property Sales · Sin · Stamp · Turnover Value-added (VAT) Corporate profit · Excess profits Windfall profits · Negative (income) · Flat
International Financial transaction tax Currency transaction tax Tobin tax · Spahn tax Tax equalization · Tax treaty European Union FTT
Trade Custom · Duty Tariff (Import · Export) · Tariff war Free trade · Free trade zone Trade pact
By country Tax rates around the world Tax revenues as %GDP Albania · Australia · Bangladesh · Bhutan · Canada · China · Colombia · France · Germany · Greece · Iceland · India · Indonesia · Iran · Ireland · Israel · Italy · Japan · Netherlands · New Zealand · Pakistan · Palestinian territories · Peru · Russia · Singapore · South Africa · Sweden · Switzerland · Tanzania · United Kingdom · United States
v d e

The examples and perspective in this article may not represent a worldwide view of the subject. Please improve this article and discuss the issue on the talk page. (December 2010)

Payroll tax generally refers to two different kinds of similar taxes. The first kind is a tax 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 and social security contributions. The second kind is a tax that is paid from the employer's own funds and that is directly related to employing a worker, which can consist of a fixed charge 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.

In the United States

In the United States, payroll taxes are assessed by the federal government, all fifty states, the District of Columbia, and numerous cities. These taxes are imposed on employers and employees and on various compensation bases and are collected and paid to the taxing jurisdiction by the employers. Most jurisdictions imposing payroll taxes require reporting quarterly and annually in most cases, and electronic reporting is generally required for all but small employers.^[1]

Income tax withholding

Main article: Tax withholding in the United States

Federal, state, and local withholding taxes are required in those jurisdictions imposing an income tax. Employers having contact with the jurisdiction must withhold the tax from wages paid to their employees in those jurisdictions.^[2] Computation of the amount of tax to withhold is performed by the employer based on representations by the employee regarding his/her tax status on IRS Form W-4.^[3] Amounts of income tax so withheld must be paid to the taxing jurisdiction, and are available as refundable tax credits to the employees. Income taxes withheld from payroll are not final taxes, merely prepayments. Employees must still file income tax returns and self assess tax, claiming amounts withheld as payments.^[4]

Social Security and Medicare taxes

Main article: Federal Insurance Contributions Act tax

Federal social insurance taxes are imposed equally on employers^[5] and employees,^[6] consisting of a tax of 6.2% of wages up to an annual wage maximum ($106,800 in 2010) for Social Security and a tax of 1.45% of all wages for Medicare.^[7] For the year 2011, the employee's contribution has been temporarily reduced to 4.2%, while the employer's portion remained at 6.2%.^[8] To the extent an employee's portion of the 6.2% tax exceeded the maximum by reason of multiple employers, the employee is entitled to a refundable tax credit upon filing an income tax return for the year.^[9]

Unemployment taxes

Main article: Federal Unemployment Tax Act

Employers are subject to unemployment taxes by the federal^[10] and all state governments. The tax is a percentage of taxable wages^[11] with a cap. The tax rate and cap vary by jurisdiction and by employer's industry and experience rating. For 2009, the typical maximum tax per employee was under $1,000.^[12] Some states also impose unemployment, disability insurance, or similar taxes on employees.^[13]

Reporting and payment

Employers must report payroll taxes to the appropriate taxing jurisdiction in the manner each jurisdiction provides. Quarterly reporting of aggregate income tax withholding and Social Security taxes is required in most jurisdictions.^[14] Employers must file reports of aggregate unemployment tax quarterly and annually with each applicable state, and annually at the Federal level.^[15] Each employer is required to provide each employee an annual report on IRS Form W-2^[16] of wages paid and Federal, state and local taxes withheld, with a copy must to the IRS and many states. These are due by January 31 and February 28 (March 31 if filed electronically), respectively, following the calendar year in which wages are paid. The Form W-2 constitutes proof of payment of tax for the employee.^[17]

Employers are required to pay payroll taxes to the taxing jurisdiction under varying rules, in many cases within 1 banking day. Payment of Federal and many state payroll taxes is required to be made by electronic funds transfer if certain dollar thresholds are met, or by deposit with a bank for the benefit of the taxing jurisdiction.^[18]

Penalties

Failure to timely and properly pay federal payroll taxes results in an automatic penalty of 2% to 10%.^[19] Similar state and local penalties apply. Failure to properly file monthly or quarterly returns may result in additional penalties. Failure to file Forms W-2 results in an automatic penalty of up to $50 per form not timely filed.^[20] State and local penalties vary by jurisdiction.

A particularly severe penalty applies where federal income tax withholding and Social Security taxes are not paid to the IRS. The penalty of up to 100% of the amount not paid can be assessed against the employer entity as well as any person (such as a corporate officer) having control or custody of the funds from which payment should have been made.^[21]

Other nations

Australia

The Australian federal government (ATO) requires withholding tax on employment income (payroll taxes of the first type), under a system known as pay-as-you-go (PAYG).

The individual states impose payroll taxes of the second type.

Bermuda

In Bermuda, payroll tax accounts for over a third of the annual national budget, making it the primary source of government revenue.^[22] The tax is paid by employers based on the total remuneration (salary and benefits) paid to all employees, at a standard rate of 14% (though, under certain circumstances, can be as low as 4.75%). Employers are allowed to deduct a small percentage of an employee's pay (around 4%).^[23] Another tax, social insurance, is withheld by the employer.

Brazil

In Brazil employers are required to withhold 11% of the employee's wages for Social Security and a certain percentage as Income Tax (according to the applicable tax bracket). The employer is required to contribute an additional 20% of the total payroll value to the Social Security system. Depending on the company's main activity, the employer must also contribute to federally-funded insurance and educational programs. There is also a required deposit of 8% of the employee's wages (not withheld from him) into a bank account that can be withdrawn only when the employee is fired, or under certain other extraordinary circumstances, such as serious illness (called a "Security Fund for Duration of Employment"). All these contributions amount to a total tax burden of almost 40% of the payroll for the employer and 15% of the employee's wages.

Canada

The Northwest Territories in Canada applies a payroll tax of 2% to all employees. It is an example of the second type of payroll tax, but unlike in other jurisdictions it is paid directly by employees rather than employers. Unlike the first type of payroll tax as it is applied in Canada, though, there is no basic personal exemption below which employees are not required to pay the tax.^[24] Ontario applies a health premium tax to all payrolls on a sliding scale up to $900 per year.^[25]

China

In China, the payroll tax is a specific tax which is paid to provinces and territories by employers, not by employees. The tax is not deducted from the worker's pay. The Chinese Government itself requires only one tax to be withheld from paychecks: the PAYG (or pay-as-you-go) tax, which includes medicare levies.

Croatia

In Croatia, the payroll tax is composed of several items:

national tax on personal income (Croatian: porez na dohodak), which is applied incrementally with rates of 0% (personal exemption), 15%, 25%, 35%, 45%
optional local surcharge on personal income (Croatian: prirez), which is applied by some cities and municipalities on the amount of national tax, currently up to 18% (in Zagreb)
pension insurance (Croatian: mirovinsko osiguranje), universal 20%, for some people divided into two different funds, one of which is government-management (15%) and the other is a selected pension fund (5%)
health and unemployment insurance (Croatian: zdravstveno osiguranje), divided into 15% for general health insurance, 0.5% for work-related accident insurance, and 1.7% for unemployment insurance

France

Tax covering	Employee	Employer
Total social security contributions
Medical, Maternity, Invalidity, Death, Solidarity	0.75%	13.1 %
Child Benefits	None	5.4 %
Old Age minimum	6.75%	9.90 %
Unemployment	2.40%	4.00%
Insolvency		0.30%
Old Age branch supplementary (minimum)	6.65%	8.3%
General social tax	7.50%	none
Social security debt reimbursal levy	0.50%	none
Tax payable on all income
Medical, Maternity, Invalidity, Death, Solidarity	0.75%	13.1 %
Child Benefits	None	5.4 %
Old Age minimum	0.10%	1.6 %
General social tax	7.50%	none
Social security debt reimbursal levy	0.50%	none
Tax payable on income up to earnings ceiling
Old Age minimum	6.65%	8.3 %
Old Age branch supplementary	3.8%	5.7 %
Tax payable on income up to four-times earnings ceiling
Unemployment	2.40%	4.00%
Old Age branch supplementary	8.6%	13.9 %
Tax payable on income between four and eight-times earnings ceiling
Old Age branch supplementary	0.13%	0.22 %

Germany

In addition to income tax withheld employees and employers in Germany must pay contributions to finance social security benefits. The following table shows employee and employer contributions by category. Contributions are payable only on wages up to the social security threshold (in 2012 = 67,000 euro per year):

Tax covering	Applies since	Employer	Employee	Notes
Old Age (pension)	January 2009	9.95 %	9.95 %
Healthcare	January 2011	7.3 %	8.2 %
Unemployment	January 2011	1.5 %	1.5 %
Care in old age	January 2009	0.975 %	0.975 %	1.225 % childless employees over 23 years old 1.475 % in Saxony
Accident		1.6 %	--	depends on risk covered
Sick pay		0.6 %	--
Maternity		0.07 %	--
Insolvency		0.10 %	--	Payment of outstanding salary in case of bankruptcy

Greece

An employer is obligated to deduct tax at source from an employee and to make additional contributions to social security as in many other EU member states. The employer's contribution amounts to 28.06% of the salary. The employee's contribution is 16%.

http://en.wikipedia.org/wiki/Taxation_in_Greece#Social_Security_Tax

Income tax is extra.

Hong Kong

In Hong Kong, salary tax is capped at 15%.^[28] Depending on income, employers fall into different tax brackets.^[28]

Sweden

In 2010 the statutory Swedish payroll tax paid by the employer is 31.42 percent of the employee salary.^[29] In addition, employers often pay 5 to 15 percent in fees to social insurances, according to agreements between employers and the union. These additional charges are not taxes, however, and are not paid to the authorities, but to various pension funds.

United Kingdom

In the United Kingdom, pay as you earn (PAYE) income tax and Employees' National Insurance contributions are examples of the first kind of payroll tax, while Employers' National Insurance contributions are an example of the second kind of payroll tax.
There are currently (July 2011) four PAYE income tax bands: 20% on annual income up to £35,000 40% from £35,001 to £150,000 and 50% on all income above £150,000. The fourth rate of 10% is paid on income from savings up to £2,560 per annum only and is not paid if non-savings income is in excess of this limit.^[30]^[31] In addition employees pay a national insurance contribution of 12%, while employers pay 12.8%. The contributions are not paid on the total salary but only above a lower threshold^[31]

References

^ A tutuorial is available online from the Internal Revenue Service (IRS) explaining various aspects of employer compliance, see Video Tutorial.
^ The determination of whether a person performing services is an employee subject to payroll tax or an independent contractor who self assesses tax is based on 20 factors. See IRS Publication 15 and the tutorial referenced above. For Federal requirements, see 26 USC 3401-3405.
^ IRS Form W-4
^ 26 USC 31.
^ 26 USC 3111
^ 26 USC 3101.
^ Note that an equivalent Self Employment Tax is imposed on self employed persons, including independent contractors, under 26 USC 1401. Wages and self employment income subject to these taxes are defined at 26 USC 3121 and 26 USC 1402 respectively.
^ IRS.gov
^ 26 USC 31(b) and 26 USC 6413(c).
^ 26 USC 3301.
^ As defined in 26 USC 3306(b).
^ State tax rates and caps vary. For example, Texas imposes up to 8.6% tax on the first $9,000 of wages ($774), while New Jersey imposes 3.2% tax on the first $28,900 for wages ($924). Federal tax of 6.2% less a credit for state taxes limited to 5.4% applies to the first $7,000 of wages (net $56).
^ See, e.g., New Jersey.
^ See, e.g., IRS Form 941. Electronic filing may be required.
^ See, e.g., IRS Form 940.
^ IRS Form W-2
^ See IRS Form W-2 Instructions. Note that some states and cities obtain their W-2 information from the IRS and from taxpayers directly.
^ See 26 USC 6302 and IRS Publication 15 for Federal requirements. EFT is required for Federal payments if aggregate Federal tax payments, including corporate income tax and payroll taxes, exceeded $200,000 in the preceding year. See, e.g., NJ Income Tax - Reporting and Remitting, New Jersey requirements for weekly EFT payment where prior year payroll taxes exceeded $10,000.
^ 26 USC 6656.
^ 26 USC 6721.
^ 26 USC 6672.
^ Bermuda Government Budget Statement 2009
^ Bermuda Government Payroll Tax Guide
^ Government of the Northwest Territories Finance Department Payroll Tax Information Page
^ Ontario Health Premium Rate Chart
^ {fr} http://www.urssaf.fr/employeurs/baremes/baremes/taux_des_cotisations_du_regime_general_01.html
^ http://www.eale.nl/Conference2008/Programme/PapersB/add73074_5LFbCf6RFA.pdf
^ ^a ^b "Tax Computation of Salaries Tax and Personal Assessment". Hong Kong Government. June 2010. http://www.gov.hk/en/residents/taxes/etax/services/tax_computation.htm. Retrieved 22 November 2010.
^ Ekonomifakta: Sociala avgifter, läst 12 februari 2010
^ http://www.hmrc.gov.uk/rates/it.htm
^ ^a ^b http://www.hmrc.gov.uk/rates/nic.htm

External links

What are Payroll Taxes?
Payroll tax in China
Payroll tax (Chinese Tax Office)
US Payroll Tax Tables
US Payroll Tax Tables by ZIP Code
IRS publication 15 - detailed information on federal payroll tax in the U.S.

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