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what taxes do I have to deduct and pay for a part time employee?
Wiki User
∙ 15y ago
According to the IRS website, several taxes must be withheld (unless your employee is an independent contractor). If the employee is an independent contractor you must fill out form SS-8, determination of worker status, which can be found on the IRS website. If not, then the employee is responsible for paying Federal income tax withholding, Social Security and Medicare taxes and Federal unemployment taxes (FUTA). More information can be found at irs.gov/newsroom.
Wiki User
∙ 15y ago
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How should a sub contractor pay taxes on a part time employee?
Hours worked are irrelevant. Report same as a full time.
If you replace a leaking roof and add a deck to your rental property can you deduct the costs on your taxes?
You can deduct the costs over time. Both items are considered capital expenditures, so must be depreciated over the life of the property (27.5 years).
Are taxes charged when you receive a lump sum of cash?
Depending on the reason for you to be receiving a lump sum of cash taxes are most likely going to be required. However, the taxes owed may not be deducted from the amount you receive and you may have to pay the taxes later at filing time depending on the situation it may be beneficial to request whom ever is providing the cash payment to deduct taxes if possible.
What are withholdings?
Withholdings are funds that are deducted from an employees paycheck for taxes as well as for payment of benefits that the employee is responsible to pay. As far as withholdings of taxes, there is the employee share of Social Security and Medicare Taxes as well as the withholding of federal, state, and local income taxes. The withholdings are not payment of the income taxes but a payment toward whatever their income taxes might be. The employee will file a tax return after the end of the calendar year at which time the years withholdings will be prepayment of the tax owed on the return. If the withholdings are more that the tax is then the taxpayer will receive a refund but if the withholdings for income tax are not enough then there will be a balance due from the taxpayer that they have to pay.
Can you deduct roth IRA contributions?
No, you can not deduct Roth IRA contributions. You pay regular income tax on the money you contribute to a Roth IRA. The tax advantage is that the taxes have already been paid with it is time to withdraw the money. Additionally, you pay no income tax on the increase in account value from interest, dividends, etc.
How should a sub contractor pay taxes on a part time employee?
Hours worked are irrelevant. Report same as a full time.
Can an employer deduct money from an employee's paid time off to donate to a charity if the charity is the employer?
Nah man
What is a part time employee?
An employee who works part-time hours on a regular, long-term, continuous basis.
Is it ethical to hire a person as a temporary employee vs a part time employee?
No, as long as the position is specified as either temporary, or part time.
If you replace a leaking roof and add a deck to your rental property can you deduct the costs on your taxes?
You can deduct the costs over time. Both items are considered capital expenditures, so must be depreciated over the life of the property (27.5 years).
For biweekly employee's what is considered over time?
if you get paid biweekly and you make 16 hours in the first week over time can they make you deduct from the second week to compensate the hours of over time the following week?
Does employer have to pay an employee for jury duty in Tennessee?
YES, if you are a full time employee and have been employed for 6 months. There are some other fine print but basically, the employee shall be entitled to the employee's usual compensation for time received from such employment (including travel and jury duty time). The employer has the discretion to deduct the amount of the fee or compensation the employee receives for serving as a juror from the court. No employer shall be required to compensate an employee for more time than was actually spent serving and traveling to and from jury duty.
Can a part time employee be forced to work full time?
A supervisor can request that an employee work more hours. The employee has the choice to work the hours or resign if that is the choice.
Do 14 year old part time workers get employee benefits?
Most part time employees don't receive employee benefits. Many employers hire part time employees to avoid giving benefits. It is cheaper for them.
Can a full time employee work for another employer part time?
Yes they can. If it negatively impacts the employee's performance at their Full Time position, they can be disciplined or let go.
Are union negotiation subject to FICA taxes?
It would seem logical that a negotiator who is a full time employee of, for example, the Teamsters Union, would be subject to FICA withholding taxes.
Is a Newspaper Carrier Job Good and Fun?
It isn't something you can move off. I am one and you are usually under contract and must do it everyday of the year except Christmas. You get no employee benefits and you must deduct your own taxes. Most of the time it takes a good amount of physical work as well. It is good for pocket money but not to pay bills and live.
