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QuickBooks offers a comprehensive financial solution, where it keeps all your business accounting requirements in one place. From estimates to bank transfers, invoicing to tracking your expenses and staying on top of bookkeeping when it comes to tax time, it is prepared for all of it at one go. A complete package to set you free from Financial accounting and back office worries any time so that you focus on your own expert area and yield potential growth in business.
How to do Payroll Taxes – Understanding Payroll Tax
Now since we are done with initial understanding of Payroll setup, it’s time to understand Payroll taxes and how to setup payroll taxes in QuickBooks Payroll Support Number.
QuickBooks Support Number Payroll taxes are the taxes paid by the employer based on the wages paid to their employees and the taxes withheld from each employee’s Paychecks. After hiring the employee in the on boarding process Form-W4 is provided to fill up the details which determine the amount of Federal income tax need to withhold from their paychecks. This Form-W4 information is updated as the significant life events of the employee changes the withholding like marriage, kids, divorce, etc. This Form-W 4 is state specific and can be downloaded from bureau of labor statistics. The taxes include the following heads.
- Social Security and Medicare.
- Federal and State Unemployment.
- Personal Income Tax – Federal and State.
- Other State Taxes – Miscellaneous Taxes.
Usually Employee payroll Taxes are made of the following components
- Federal Income Tax
- State Income Tax
- Social Security
Employer share includes the following heads
- Federal Unemployment Tax
- State Unemployment Tax
- Social Security
|Component||Employer Share||Employee’s Share||Total||Cap|
|Social Security||6.2%||6.2%||12.4%||$ 132,900|
|Federal Unemployment||6%||None||6%||$ 7,000|
Social Security Payroll Tax is paid by both employee and employer. Employer withholds employee portion of tax and pay state and federal regulated tax for the employer portion. The amount withheld is 6.2% for both employer and employee. Payroll Tax for Social security has a cap on wages of $132,900 per annum.
Payroll Tax – Medicare is paid by both employee and employer. Employer withholds the employee share and also pays the federal and state regulated tax for employer share. Employee rate for Medicare tax is 1.45% however the rate increases 2.35 percent on wages over $200,000 per annum.
Employer rate of Medicare tax is 1.45 percent, irrespective of the change in wages. The Medicare employer share is paid on all the earning of the employee.
Federal Unemployment Tax (FUTA):
Federal unemployment program provided unemployment compensation to employees who have lost their jobs. The effective rate of FUTA tax is 6 percent however in most cases employer qualifies for 5.4 percent state unemployment tax credit. The FUTA tax applied to first $7000 of wages paid by the employer to employee.
If the payroll taxes seems difficult to understand or facing issues handling the Payroll Taxes. Don’t worry call QuickBooks Payroll Support and get instant solution from our best QuickBooks payroll certified Pro-Advisors.