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What payroll taxes are withheld from an employee?

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2010-10-06 21:48:32
2010-10-06 21:48:32

Social Security tax 6.2%, Medicare Tax 1.45%, Federal, State and/or Local state. Federal and State tax witholdings are withheld depend on number of exemptions that you put on your Form W-4.

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The biggest disadvantage of a payroll system is that the employees will have to pay taxes on the income. The company will have to send the employee a tax document for the year so that the employee can accurately file their taxes.


Payroll is calculated by taking how many hours the employee worked and multiplying it by how much the employee gets paid per hour. Any money being withheld for taxes, insurance, retirement plans, etc should be subtracted from the employees pay. Most electronic time clocks that monitor when employees check in and out can be connected with payroll software to automatically calculate the payroll based on the employee's time worked.


The 941 form is a payroll form filed by employers to pay the collected Federal Income Taxes withheld, the employee and employer share of social security, and the employee and employer share of medicare taxes. This form is a quarterly form which reconciles the tax payment due with the taxes already paid throughout the quarter.


4.5% is withheld from your pay and the employer is required to match it.


Yes the social security and medicare taxes of 7.65 % is withheld from all of your gross earned income by your employer payroll department IF you are a employee. A self employed taxpayer would be responsible for paying the 15.3 % social security on the net profit from the business operation.


Payroll withholding is NOT an expense to the Company...it is part of payroll that you send to the IRS/State rather than give to the employee...although the cost of it is his salary. Other payroll costs are recorded as what they are..insurance, employee benefits, etc.


If you are an employee anywhere, your taxes are withheld from your paycheck. If you do not have any taxes withheld, check the official Internal Revenue Service website on how to pay an estimated tax.


A taxpayer only needs to withhold payroll taxes on employees. A vendor would not typically be an employee of the company buying the goods or services.


Payroll deductions are also called withholdings. Things typically withheld from earnings are state and federal income taxes, social security, and national insurance.


Employer - NO. Employee - probably not. In fact you are probably setting yourself up to owe income taxes at the end of the year.


Answer is YES! If you have taxes withheld from the UIB amount you still have to put the amount on your 1040 and add the withheld taxes to other withheld taxes.


Any taxes would have been withheld before your check was printed if you are an employee with an employer. Your employer should be able to answer your question for you.


FIT stands for Federal Income Tax. EE stands for employee. So, I assume on a payroll check it means the employee's income tax has been withheld.


Your employer payroll department would have to give you the correct percentage that they will be withholding for all of your federal taxes that they will be required to withhold from your gross income.


Recoverable income tax comprises income tax withheld on financial investments and is available to be offset against other similar income taxes payable. The Company and its operating subsidiaries offset recoverable income taxes against liabilities related to payroll tax withheld from employees.


Social Security Taxes, FICA, and medicare are payroll taxes.


Payroll taxes are based on gross income, i.e., before deductions such as child support.


Non-owners are subject to payroll taxes as any other employee is. Owners will pay FICA tax when they file their Form 1040, but are not subject to unemployment tax if they agree to not be taxed as a corporation.


What is the monthly subscription fee and is there any fee to the employee? How do the payroll system handle payroll taxes and is that included in price? How long can employees access their pay stubs and are they able to anytime of day?


It depends on if the employee is considered a contractor meaning does the employer have any say in how results are produced and if the employee makes over $500.00 If the employee is not a contractor, then taxes need to be paid by the employer and the employee. A good place to get more information on this is a local small business association.



You should have received a Form 1099-G showing the amount of taxes withheld.Enter the amount of federal taxes withheld on 2008 Form 1040 line 62.If you had other taxes withheld, add them all together and enter the total on line 62.


Has this happened, or are you just curious? By law the payroll service has to pay the taxes to the government, that are with held.




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