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Small Biz Tip: Taxes: Employee Taxes

Tips from March 12, 2010

The Small Business tips today discuss employee taxes.

  1. 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.
  2. Some taxes withheld from employees' pay are: Social Security, FICA, Medicare, and federal and state income taxes.
  3. 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.
  4. 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.

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