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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Form 941
941 IRS Tax Form Information IRS Form 941 and 941 Tax Form information can be found below. Each quarter, all employers who pay wages subject to income tax withholding (including withholding on sick pay and supplemental unemployment benefits) or Social … Continue reading →
Depositing Withheld Taxes
Payroll Tax Deposit Rules Online payroll service, Futa tax and federal income tax withheld are discussed in the payroll articles below. Depositing Taxes In general, you must deposit federal income tax withheld and both the employer and Employee Social Security … Continue reading →
Wages Exempt From Social Security and Medicare Taxes
Details on whether certain payments to Employees are wages for Social Security and Medicare tax purposes are found earlier where each payment is discussed separately. In general, all Employee compensation is subject to Social Security and Medicare taxes unless specifically … Continue reading →
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 →
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 Employees
Statutory Employees are workers who, while they are not Employees under the common law, are treated as Employees for certain employment tax purposes. Payments made by an employer to Statutory Employee are not subject to federal income tax withholding, but … Continue reading →
Employee Vs. Independent Contractor
Many of the problems employers have in regard to worker classification arise when determining whether a worker is an Employee or an Independent Contractor. It may be cheaper to use independent contractor in a business than Employees because the taxing … Continue reading →
