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´╗┐On a Roll with Payroll Taxes

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Whether it is a large corporation or the small business owner, one of the obligations that come with having employees presents itself in the form of payroll taxes. Nearly every country in the world has some form of payroll tax system in place. Often referred to as withholdings, employers are legally required to keep a certain amount of federal tax out of every employee's earnings. This can also include state taxes as well as FICA taxes. FICA taxes, or Federal Insurance Contributions Act, are what finances the federal programs Medicare and Social Security. A withholding of federal unemployment and sometimes even city taxes can make up part of payroll taxes on an employee's check.

When it comes to payroll taxes, the withheld amounts of Social Security and Medicare are matched by the employer. When an individual is hired on to a position, they will be required to fill out a piece of paperwork referred to as the W4 form. Using this form, an employer will be able to determine the correct amounts that must be withheld from the employee's paycheck in every pay period. To have the highest amount of payroll taxes withheld, an employee should claim zero allowances. Individuals can also claim exemption from withholdings if the total annual income expected for the year totals $800 or less.

Wage bases also play a part in payroll taxes. Social Security as well as state and federal unemployment taxes each has a wage base. The wage base for Social Security is approximately $98,000. Once an employee's earnings total this amount, the employee and the employer are no longer required to contribute again until the following year. The wage base for federal unemployment is approximately $7000. Wage bases vary from state to state; however, it is generally determined by the amount of unemployment claims that are drawn against the company. The only one of the payroll taxes that has no wage base is that of Medicare.

To stay in compliance, many employers use professionals or software programs that help them determine the correct amount of payroll taxes owed. This is because mistakes that lead to underpayment can be costly, resulting in penalties and fines with accrual. These payroll tax programs not only calculate the right amount to be collected, they also remind employers when to pay. Depending on the amount withheld, employers must remit tax payments on either a weekly, monthly or quarterly basis. The failure to pay taxes in a timely manner can result in a number of consequences that, in the most egregious of situations, can lead to incarceration.



Other San Bernardino County Property Taxes related Articles

New York State Taxes Part 2
Payroll Taxes Part 2
Efile Taxes
Property Taxes Part 2
Florida Property Taxes

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San Bernardino County Property Taxes News

SAN BERNARDINO: City Council dissolves Fire Department, OKs county contract - Press-Enterprise


Press-Enterprise

SAN BERNARDINO: City Council dissolves Fire Department, OKs county contract
Press-Enterprise
It covers the unincorporated county plus seven cities, including Fontana and Victorville. But the county proposal also comes with a proposed $143 annual parcel tax that would be levied on property owners, which some residents opposed. Valdivia said the ...
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Chemehuevi tribe alleges racial profiling by San Bernardino County deputies - San Bernardino County Sun


Chemehuevi tribe alleges racial profiling by San Bernardino County deputies
San Bernardino County Sun
The Chemehuevi Indian Tribe has filed a federal lawsuit alleging San Bernardino County sheriff's deputies are racially profiling tribal members and targeting them for traffic citations on their reservation, without the jurisdictional power to do so ...

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San Bernardino Dumps CalPERS - Breitbart News


Breitbart News

San Bernardino Dumps CalPERS
Breitbart News
What emerged from mediation in June of last year was an agreement for San Bernardino that would require residents and businesses to pay an additional property parcel tax increase to fund $16 million in skipped payments, and interest payments of ...

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San Bernardino Pension Shift to Save $2.7 Million - PublicCEO.com


PublicCEO.com

San Bernardino Pension Shift to Save $2.7 Million
PublicCEO.com
Now a key part of the San Bernardino recovery plan is outsourcing fire services, approved by the city council on a 4-to-3 vote last week. Moving fire services to the county includes a property parcel tax increase of $143 a year. Opposition came from ...

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CASSIE MacDUFF: One tough call ... and more to come - Press-Enterprise


Press-Enterprise

CASSIE MacDUFF: One tough call ... and more to come
Press-Enterprise
The city will give up about $27 million a year in property taxes to the county. On the upside, it escapes the costs of maintaining the stations, apparatus and equipment that fell into disrepair as the city struggled financially. San Bernardino also ...

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