Certified
Public Accountant
(281) 335-4974
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Important Dates To Remember August 2, 2010 - 2nd Qtr Payroll Reports Due September 15, 2010 - Corporate & P/S Returns Due October 15, 2010 - Individual Income Tax Returns Due |
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Payroll Taxes What are payroll taxes and how do you pay them? Payroll taxes are taxes that you withhold and pay for your employees. These include Federal Withholding Tax, Social Security tax, Medicare Tax, Federal Unemployment Tax, and State Unemployment Tax. Social Security and Medicare taxes are split 50/50 between the employer and the employee. Federal Withholding Tax is paid only by the employee. Federal and State Unemployment Taxes are paid only by the employer. The employer is responsible for withholding the employee’s share of Federal Withholding, Social Security Tax and Medicare Tax from the employees pay and depositing these taxes along with the employers share of Social Security Tax and Medicare Tax into a federal reserve bank account. This can be done in person, over the phone electronically, or online. Payroll Tax reports must be filed at the end of every quarter to reflect the amount of all taxes withheld and deposited. This is filed on a Form 941. A State report must also be filed to calculate the amount of State Unemployment Tax due each quarter. An annual Federal Unemployment Tax Report must be filed at the end of each year to calculate the amount of federal unemployment tax due. |
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