Social Security Payroll Deduction
It’s Friday and your employees are standing in line for their checks. Have you considered their Social Security payroll deduction? Do you know what the Social Security income tax limit is? As an employer you will need to know this information about Social Security income tax.
The Social Security tax is one part of the Federal Insurance Contributions Act tax (FICA) and Self-employment tax, the other part being the Medicare tax.
You do not want to face penalties, fines, or interest charges from the IRS for messing this up. Social Security and Medicare taxes are very important and you will want to make sure you pay these taxes for your employees correctly and on time. How would you like to know your boss was negligent when it came to taking care of business paying in his or her half of Social Security tax on your behalf? I wouldn’t have much confidence in a boss like that. I want to have a boss who knows how to take care of business.
Social Security Payroll Deduction Amounts
As an employer, do you know what the Social Security income tax limit is? If you don’t know, the limit is 6.2% or up to $106,800 per employee for the calendar year. Do you know there are situations where you do not have to pay Social Security income tax for certain employees? IRS publication 15 has all the answers if you want o spend hours of your valuable time reading boring IRS income tax rules. We know the tax rules change every year and who has time to keep up with all of the complicated tax laws? I would rather spend my time running my business than reading tax laws.
Social Security Payroll Deduction Software
How would you like to have tax software for payroll deductions for Social Security and Medicare? How about for all federal and state income taxes for every employee? As an employer, you can have all of your business tax payroll accounting taken care of with a couple clicks of the mouse.
You don’t even have to pay the high prices of an accountant. Millions of employers are using QuickBooks Payroll Online for their business payroll accounting. You will know what to pay, when to pay and exactly how to pay with QuickBooks Online. Don’t waste anymore of your valuable time. Get started Today with QuickBooks Payroll Online!
I am a businessman. I am getting problem in dealing with the sum financial records of salaries for an employee, wages, bonuses and deductions. So I am thinking to try some payroll company. Please suggest me a company.
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Posted by: Viola Davis | September 05, 2011 at 05:16 AM