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Delinquent Property Taxes Article
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On a Roll with Payroll Taxes
from: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.
Delinquent Property Taxes News
Analysis: Property taxes give NY Westchester edge over peers - Reuters
Analysis: Property taxes give NY Westchester edge over peers Reuters The structure strengthens Westchester's credit but pressures its localities because they bear the burdens and costs of pursuing delinquent taxpayers, credit analysts said. Nassau's handling of property taxes is the complete opposite of Westchester's. Reuters: Westchester's AAA credit rating supported by higher property taxes |
County looks to address delinquent properties issue - Wayne Post
County looks to address delinquent properties issue Wayne Post Under Section 8, the properties, whose owners have failed to pay property taxes, would be removed from the tax rolls thereby saving the county the cost to reimburse taxes to the town, village and school district. The properties include 45 E. Genesee ... $2.7 million property tax error found Supervisors support sales tax proposal |
Delinquent taxes still owed by AW Couch Inc. - Parkersburg News
Delinquent taxes still owed by AW Couch Inc. Parkersburg News 16, 2011, Woofter states, "You have advised that you, personally, although under no legal obligation to do so, have volunteered to make efforts to pay the delinquent personal property taxes that are the obligation of AW Couch Inc." Woofter on Wednesday ... |
Pinellas tax sale set for June 1 - Tampa Bay Newspapers
Pinellas tax sale set for June 1 Tampa Bay Newspapers Pinellas County Tax Collector Diane Nelson announced the tax certificate sale for 2011 delinquent real estate taxes is June 1 from 7 am to 7 pm at bidpinellas.com. All 2011 property taxes unpaid as of 5 pm on May 31 will be eligible for purchase. |
Delinquent taxes land homes in Worcester County auction - Delmarva Daily Times
Delinquent taxes land homes in Worcester County auction Delmarva Daily Times SNOW HILL -- The number of homes going to tax lien auction in Worcester County has more than quadrupled in the last two years. County finance officials today will hold a tax lien auction, in which the lien rights to 125-140 properties countywide will ... |