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FICA taxes

Is Forming as an S-Corporation Right for Your Business? AccountingSmall BusinessTaxes

Is Forming as an S-Corporation Right for Your Business?

The Internal Revenue Service (IRS) defines an S-Corporation as an organization that passes credits, deductions, income, and losses through to shareholders for federal tax filing purposes. The shareholders of S-Corps then report income and losses for the business on their personal tax return. One of the biggest benefits of forming S-Corps is that it allows…
Palmetto Payroll
January 31, 2021
Understanding Your FICA Obligations as a Small Business Owner
Understanding Your FICA Obligations as a Small Business Owner Payroll Tax Responsibilities

Understanding Your FICA Obligations as a Small Business Owner

The term FICA, which stands for Federal Insurance Contributions Act, is a mandatory federal tax that requires employees to pay a certain percentage of each paycheck towards the Medicare and Social Security programs. Employers must pay the same percentage as employees from every paycheck while self-employed individuals pay both the employer and employee portion of…
Palmetto Payroll
September 23, 2019