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Payroll Tax Responsibilities

Employer’s Guide to Determining Payroll Taxes Payroll ProcessingPayroll Tax ResponsibilitiesTaxes

Employer’s Guide to Determining Payroll Taxes

As an employer, you must withhold federal income tax and Federal Insurance Contribution Act (FICA/social security) for each employee. You are also responsible for remitting Federal Unemployment Tax Act (FUTA) paid entirely by you. If your state has income tax, you will need to withhold that as well. Unless you do business in Ohio or…
Palmetto Payroll
November 16, 2020
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
Determine Your Payroll Tax Deposit Schedule to Meet IRS Requirements
Determine Your Payroll Tax Deposit Schedule to Meet IRS Requirements Outsourced PayrollPayroll ProcessingPayroll Tax ResponsibilitiesSmall BusinessTaxes

Determine Your Payroll Tax Deposit Schedule to Meet IRS Requirements

The payroll process involves much more than just adding up an employee's work hours and determining the amount of his or her paycheck for the period. You must also withhold payroll taxes along with any voluntary withholdings the employee authorizes such as premiums for health insurance. Additionally, the Internal Revenue Service (IRS) and state governments…
Palmetto Payroll
April 16, 2019
When Should I Consider Using Outsourced Payroll Services?
When Should I Consider Using Outsourced Payroll Services? AccountingHuman ResourcesOutsourced PayrollPayroll ProcessingPayroll Tax ResponsibilitiesUncategorized

When Should I Consider Using Outsourced Payroll Services?

When you first started your business, you had only a few employees and no problem keeping up with payroll. Now that your business has expanded, processing payroll for so many employees seems like one more thing you no longer have the time to do. However, you can't very well not pay your workers because you…
Palmetto Payroll
March 27, 2019
What Every Small Business Should Know About Payroll Taxes
What Every Small Business Should Know About Payroll Taxes Outsourced PayrollPayroll ProcessingSmall BusinessTaxes

What Every Small Business Should Know About Payroll Taxes

Calculating the deductions from each employee's monthly wages is not as straightforward as it might seem. It requires extreme accuracy and attention to detail to perform correctly. Unfortunately, the Internal Revenue Service (IRS) has little tolerance for mistakes and could penalize your company with significant fines for reporting incorrect information or failing to make timely…
Palmetto Payroll
February 28, 2019