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Federal & State Income taxes
What else can I help you with?
Is there a maximum to unemployment taxes paid by an employer?
The taxes paid to the state by the business (for the purpose of the state paying unemployment claims) through their payroll taxes are determined by the state collecting them.
What is the jounal entry to after-the-fact payroll where all taxes have been paid?
Debit - Payroll (Wages) - for the amount of the total gross wages. Debit - Payroll Tax Expense - for the amount of the EMPLOYER taxes. Credit - Cash
What is the January 2 2011 employer payroll taxes for courtside concepts company?
To determine the employer payroll taxes for Courtside Concepts Company on January 2, 2011, specific financial data such as total wages paid and applicable tax rates would be necessary. Employer payroll taxes typically include Social Security, Medicare, and federal and state unemployment taxes. Without this information, it's not possible to provide an exact figure. If you have specific wage totals and tax rates, I can help you calculate the employer payroll taxes.
Is an employer responsible for payroll taxes if the employee is paid less than 390.00 weekly Calif?
The employer needs to have them fill out a w-2 and then the taxes are taken out by the employer,paid to the iRs then the IRS decided what refund the employee gets or what they owe.No matter how much you pay them or they earn.
How much does an employer match in payroll taxes?
An employer matches the amount of FICA (Social Security) and Medicare taxes which are 6.2% and 1.45% of your gross income respectively. The same amount is paid by the employer and the employee toward these two taxes. Only the employee pays their Federal, State, and/or Local Income tax withholding but the employer is responsible for withholding these taxes and remitting all of them to the IRS on a timely basis.
What is The wages paid by an employer to employees?
payroll
What is a the difference between an income tax and a payroll tax?
Income taxes are used for a wide variety of government activities while payroll taxes pay for specific programs.
How is the unemployment tax rate calculated in my paycheck?
It isn't. Unemployment benefits are paid by the state which collects it from the employer through the employer's payroll taxes. Employees in all 50 states do not pay into the unemployment system.
What is local payroll taxes?
Local payroll taxes are taxes levied by local government entities, such as cities or counties, on the wages paid to employees. These taxes are typically used to fund local services, such as public safety, infrastructure, and education. The rates and regulations governing local payroll taxes can vary significantly by jurisdiction, and they are usually withheld from an employee's paycheck by their employer. In addition to state and federal taxes, these local taxes can impact overall payroll costs for businesses operating in those areas.
How can you get information on an employer and their paid from Payroll?
You should not be able to do this without a court order, as the payroll information is confidential.
How are payroll taxes for an employer classified before the payment is made?
Before payment is made, payroll taxes for an employer are typically classified as liabilities on the balance sheet. This is because they represent amounts owed to the government for employee wages but have not yet been paid. These liabilities may include federal and state income tax withholding, Social Security, Medicare taxes, and other applicable payroll taxes. Once the payment is made, these liabilities are reduced, and cash or bank accounts are decreased accordingly.
What are the three types of payroll liabilities?
The three types of payroll liabilities include withholding liabilities, which consist of amounts deducted from employee wages for taxes and other contributions; employer payroll taxes, which are the employer's share of taxes such as Social Security and Medicare; and benefit liabilities, which involve obligations for employee benefits like health insurance and retirement contributions. These liabilities must be accurately calculated, reported, and paid to ensure compliance with tax regulations and employee agreements.
