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.