Welcome to “Introduction to Business” – Payroll This page is designed for High School and College students to supplement an approved text with a little online learning about payroll. Our site contains numerous articles detailing the facets of payroll. This … Continue reading
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Social Security and Medicare Withholding Rates
For 2013: For 2013, the Social Security tax rate is 6.2 %, which applies to the first $113,700 of an employee’s wages paid by each employer. The employer also matches the 6.2% making for a social security tax deposit … Continue reading →
Advanced Earned Income Credit
Would you like to help your employees increase their take-home pay at no cost to you? You can do this by giving eligible employees part of the Earned Income Credit with their pay and subtracting the payments you make from … Continue reading →
Supplemental Wage Withholding
Supplemental Wages are compensation paid in addition to an Employee’s regular wages. They include, but are not limited to, bonuses, commissions, overtime pay, payments for accumulated sick leave, Severance Pay, awards, prizes, back pay and retroactive pay increases for current … Continue reading →
Third-Party Payers of Sick Pay
Employer’s agent An employer’s agent is a third party that bears no insurance risk and is reimbursed on a cost-plus-fee basis for payment of sick pay and similar amounts. A third party may be your agent even if the third … Continue reading →
Statutory Non Employees
Certain categories of workers, while they may qualify as Employees under the Common Law Test, are nevertheless treated under the IRC as independent contractors for federal income tax withholding and Social Security, Medicare, and FUTA tax purposes. They are known … Continue reading →
