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The Ins and Outs of Federal Payroll Taxes
from:Did you know that if you own a company and you hire employees for that company that you have to pay federal payroll taxes? Yep, it’s true. This is something that your company has to do. In fact, the Internal Revenue Service is very picky about how they receive the money. If you make a miscalculation and send the wrong amount of money, you may end up seeing fees that rich into the thousands or even into the millions depending on the error. It’s very important to get these federal payroll taxes right so that you don’t have any problems.
There are several things that you should do so that you get this right. First of all, whenever you hire a new employee, you need them to fill out a W-4 form. This form will ask certain questions that will then affect how much money you withhold from their paycheck for taxes. For example, it asks whether they are married and how many dependants they have. Dependants are children and other people that depend on you for living expenses and care. All of these factors affect how much is taken out of the paycheck. Make sure that your employees know this and those they know that they should be filling out the form truthfully.
As an employer, you are responsible for some of the federal payroll taxes. In addition to taking out money from each of your employees’ paychecks, you also need to put in money of your own as well. For example, you will need to pay half of the FICA taxes. FICA is the social security and Medicare taxes. You are supposed to split these federal payroll taxes with the employee. Remember this so that you have a fund send up to save for this kind of money. This will help you pay it when the time comes.
If you get this stuff right, then you shouldn’t have anything to worry about. Make sure that you use an accountant who knows a lot about federal payroll taxes. Although you, as the head of a company, can learn a lot about it on your own, it’s better to get the help of someone with an education on the subject. After all, this is their job. Make sure that you get an accountant who can do it well. Then you can collect the federal taxes from your employees and foot in your share so that everything is done correctly.
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