Taxes can be complicated, especially when it comes to making sure you're withholding the correct amount from your employee’s paycheck.There are payroll withholding calculators available to help you with this process.
In general, processing your payroll can be complicated and difficult. Or maybe you’re looking to reduce the cost of your current payroll processing method.
Not only will you find an accurate way to determine the amount of tax to
be withheld, but you’ll also learn about the different taxes you are to withhold by using
an online payroll withholding calculator. There are several different taxes that make up payroll tax.There are also several determining factors in how much tax is withheld.
Your employee will fill out the appropriate forms, such as a W-4, which will dictate the number of allowances your employee is claiming and will also dictate the amount of tax to be withheld. Now, if you use a payroll withholding calculator, it will determine the exact amount that should be withheld and what specific taxes need to be withheld.
For example, in most cases you are required to withhold Federal Income Tax and Social Security and Medicare Taxes from your employee's check. You, as the employer, are required to pay a matching amount yourself. Another tax you are responsible for is the Federal Unemployment Tax (FUTA; you do not withhold this tax from your employees.
I would suggest using a service such as QuickBooks. You can purchase the software or use their online version to process your payroll. They also offer a free payroll withholding calculator which will help you figure our your payroll taxes accurately.
Once you have selected the right program for you and your business, you can process payroll in as little as three steps. QuickBooks makes processing payroll easy, offers the service at a low cost and has everything you need. QuickBooks is used by one million businesses worldwide.
For more information on how to use a payroll withholding calculator visit QuickBooks Payroll today.
- Get Your Tax Refund in as Few as 7 Days
- Estimate Your Tax Refund in Advance
- How TurboTax Can Help You Get a Bigger Tax Refund