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    Suggest You - Payroll Taxes

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    If you have employees, you are responsible for payroll taxes. This is a term that lumps all the different forms of employment taxes into one category known as “payroll tax”. In reality, payroll taxes encompass Federal and state income tax withholding, social security and Medicare taxes (also known as FICA), Federal unemployment tax (FUTA), as well as any state and local unemployment taxes assessed. Payroll taxes are deducted each pay period from an employees gross pay. The remaining money distributed to the employee is what is known as “net pay”.

    Along with any taxes deducted from an employee's wages, there is a social security and Medicare liability incurred by the employer. You must match the social security and Medicare amounts withheld on each employee. This is the e

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    s “payroll tax”. In reality, payroll taxes encompass Federal and state income tax withholding, social security and Medicare taxes (also known as FICA), Federal unemployment tax (FUTA), as well as any state and local unemployment taxes assessed. Payroll taxes are deducted each pay period from an employees gross pay. The remaining money distributed to the employee is what is known as “net pay”.

    Along with any taxes deducted from an employee's wages, there is a social security and Medicare liability incurred by the employer. You must match the social security and Medicare amounts withheld on each employee. This is the

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    l unemployment tax (FUTA), as well as any state and local unemployment taxes assessed. Payroll taxes are deducted each pay period from an employees gross pay. The remaining money distributed to the employee is what is known as “net pay”.

    Along with any taxes deducted from an employee's wages, there is a social security and Medicare liability incurred by the employer. You must match the social security and Medicare amounts withheld on each employee. This is the

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    . The remaining money distributed to the employee is what is known as “net pay”.

    Along with any taxes deducted from an employee's wages, there is a social security and Medicare liability incurred by the employer. You must match the social security and Medicare amounts withheld on each employee. This is the

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    al security and Medicare liability incurred by the employer. You must match the social security and Medicare amounts withheld on each employee. This is the employer paid contribution. Until recently, most employers reported and paid payroll taxes quarterly. With the advent of the EFTPS, or Electronic Federal Tax Deposit System, taxes are now paid on a monthly basis by all employers. The payroll taxes may also be paid via a tax coupon that is taken to your bank and presented with the monies to cover the payroll taxes due.

    Every quarter, a Form 941 (or 943 for Agricultural employees) must be filed with the IRS. The amounts reported on the 941 should reconcile to the amounts turned in each month via the tax coupon or the EFTPS. At the end of the tax year, a Form 940 or info

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