Tips from March 12, 2010 The Small Business tips today discuss employee taxes.
If you have employees for your business, a variety of taxes will be withheld from their income. Remind your employees of the taxes upon hiring.
Some taxes withheld from employees' pay are: Social Security, FICA, Medicare, and federal and state income taxes.
Employees aren't the only ones who have taxes taken out. Businesses and employers must match the FICA and Medicare taxes and pay them along with employees.
Don't forget those who are out of work! Businesses are required to pay federal and state unemployment taxes.
Daily Overview: Taxes withheld from employers and employee salaries go towards different organizations. Keep this in mind, and look for returns when you file taxes. [Read Full Article]
Government, Politics and the Economy
Democrats Offer Mixed Signals on Deficit
President Obama may have called for legally binding measures to enforce spending restraint, but both his congressional allies and his own actions are threatening to undermine his effort. WSJ.com
Healthcare Bill Raises Taxes by $600 Billion
House Democrats have drafted healthcare overhaul legislation that includes $600 billion in tax increases and $400 billion in cuts to Medicare and Medicaid. According to Ways and Means chairman Charles Rangel, the total cost of healthcare reform will top $1 trillion. Bloomberg.com
Management and Operations [Read Full Article]