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The required Social security and medicare taxes.

Also known as the FICA taxes.

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โˆ™ 2011-06-16 17:09:14
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Q: What tax is paid equally by the employer and employee is the?
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Is professional tax can be paid by the employer on behalf of employee?

no its not paid by employer

What is employment tax liability?

Employment tax liability arises from an employer and employee relationship. Part of this liability is deducted from the employee's salary and paid to the IRS, while another part is paid by the employer on behalf of an employee.

Is unemploymet tax paid by employer?

In most places yes, although the employee may have to contribute too.

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.

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

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 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

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.

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.

Which tax is only paid by the employee?

Federal Income Tax

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.

How much do you have to pay an employee before paying federal income tax?

There is no lower limit. You pay from dollar one. And just to clarify - the employer does NOT pay federal income tax on pay to an employee. He "withholds" income tax from the amount of pay he gives the employee (that is an estimate of what will be paid by the employee at tax filing according to the W-4 provided by the employee), and sends that to the IRS. Other than the cost of doing so, it costs the employer nothing. In fact, the entire reported payroll for the employee is probably the most acceptable tax deduction for the employer that there is! There may well be other payroll taxes or fee's - like FICA or unemployment, etc that he employer does pay out of his own funds.

What is the benefits of employee paying professional tax?

benefit is that,when a person engage in a company as executive or manager he must be count as professional, so employer engage professional so thatswhy, a profession must be pay some tax through employer. in this tax employee benefits some tax as well as employer .

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.

How much FICA take from Income Tax in 2013 in the US?

The FICA rate for employees of any business is 6.2% for the employee and 6.2% for the employer to each pay. The employee will have the tax withheld from their pay check and the employer will add their portion when a deposit is made monthly or more often depending on the amount owed by business. Some years ago the FICA (Social Security Tax) and Medicare Tax was separated. The Medicare tax is 1.45% for each the employer and employee in the same method. The only difference is that the Social Security tax is imposed on the the first $113,700 of income that an employee is paid during a calendar year and the Medicare tax is imposed on all income without a limit.

Are Disability insurance payments taxable?

Depends. If you paid the premiums with after-tax dollars, then the payouts are tax-free. However, if your employer paid them and did not dedcut them from your pay, then your payouts are taxable. In addtion to that, if you split the cost of the premiums with your employer, and your half was paid with after-tax dollars, than the same percentage your employer paid is the percentage of payout that becomes taxable.

Is professional tax paid by employee refundable?

No its not refundable- Rafik

Do your paycheck deductions help fund unemployment insurance?

No. Unemployment benefits are paid from a state fund that receives its input from a payroll tax, charged to the employer, never the employee.

What payroll tax is paid entirely by the employer?

The federal unemployment tax is paid entirely by the employer, being reported annually on a Form 940 filed no later than January 31st.

What tax is matched by your employer?

Many are paid in whole or part by the employer. FICA is split 50/50

What is the fica tax rate?

6.2% for the employee, and an identical amount for the employer (not including Medicare)

How much Federal unemployment tax do you wit hold?

None. Federal Unemployment tax (940) is an employer-paid tax.

Can employer paid disability plans be considered taxable?

Yes, employer paid disability insurance plans are normally paid with pre-tax money, therefore the benefits will be taxed.

Is social security tax direct or indirect?

Actually both. Part of the tax comes out of the employee's check--that is direct. The employer has to contribute an equal amount, some of which he takes out of the employee's wages--that is the indirect tax.

Are long term disability payments taxable if employee pays for coverage through their company?

You should consult with a tax specialist, but generally employer paid disability insurance benefits are taxable.