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Understanding Employee Taxes; Matt Bacak explains the Responsibilities of Business Owners and Employers

(EMAILWIRE.COM, February 26, 2008 ) Suwanee, GA -- Employee taxes can be one of the most difficult to understand areas of running a business and hiring employees. If business owners don’t understand all of the complexities involving employee payroll tax, it can also get them into a heap of trouble. The first employee tax factor business owners need to understand is what taxes they are responsible for as an employer. There are three employee taxes that they will be responsible for paying.

The first is Medicare and Social Security tax. This is often referred to as FICA and provides welfare benefits funding for senior citizens. As an employer they are responsible for paying half of the FICA taxes and withholdings for their employees while the remaining half is withheld from their paycheck.

Employers are also responsible for paying federal unemployment tax. This tax funds the state unemployment benefits and the administrative costs associated with those benefits. It is important to know that they must pay federal unemployment tax on the first $7000 earned by each person they employ during the calendar year.

In addition to federal unemployment tax, employers must also pay state unemployment tax. These taxes are based on the location and size of their business as well as the number of employees they employ. Due to the fact that each state operates its own unemployment program, these rates do tend to vary; so it’s best if they check with their own state’s unemployment division for specific details.

In addition to the taxes employers must pay, they are also responsible for withholding employee tax. Even though this is the employee’s contribution, it is the employer’s responsibility to handle the employee tax withholding. They will need to pay close attention to the employee tax form, or W-4, completed by the employee in order to know exactly how much money they need to deduct from the employee’s paycheck. Usually the amount of money they must withhold will depend on the number of withholding allowances claimed by the employee, their marital status and any exemption from withholding taxes that the employee might claim.

It is very important that they stay on top of their employee’s tax forms because they have the right to change them by submitting a new W-4. If an employee submits a new employee tax form, thereby changing the amount of their withholding and they fail to deduct the correct amount of money, they could be subject to penalties by the IRS.

They will need to deposit both the taxes that they are responsible for paying along with the employee tax withholdings in an authorized depository for Federal taxes. They can do this by either mailing or delivering their check or money order. These taxes will be due either semi-weekly or monthly. Their employee tax withholding due dates will be determined by the size of their payroll, dictated by the schedule. Usually, however; if their payroll is less than $2,500 every three months, they can file quarterly. If their employee taxes are larger, they’ll need to file more often.

There has recently been discussion in the media regarding a proposed employee health tax. If instituted this tax would impose a $3000 tax on employers for each employee who is not covered by health insurance. The intent of the proposed bill is to force employers to provide more employees with health insurance; however critics of the bill claim that the proposed employee health care tax will only lead to more unemployment.

Summary: As most employers know, employee taxes can be a real headache. Unfortunately, the employee payroll tax problem is a headache that simply must be endured. With a little understanding and careful attention to detail; however the hassle of filing employee tax withholdings can be a little less of a bother.

Matt Bacak, The Powerful Promoter and Entrepreneur Magazine e-Biz radio show host, became a "#1 Best Selling Author" in just a few short hours. He has helped a number of clients target his specialty, opt-in email direct marketing systems. The Powerful Promoter is not only a sought-after internet marketer but has also marketed for some of the world's top experts.

Additional tips to creating their own wealth include: Follow the piles of cash. Find people who have successfully [created wealth] and learn from them. "Matt Bacak, the powerful promoter, is the person who has done just that in business and is leading expert on how to achieve quick and easy success" said Ralph Marcus Maupin Jr. (Mark Maupin) co-founder of National Real Estate Network and LLC.

Remember, it's not only what they know, but who they learn it from. Learn from someone who is more successful then you. Learn the tricks of the trade and [internet marketing tips] from someone that has actually built wealth and not just written a book about it. Forget the past. It does not matter who they are or where they came from. Everyone deserves to be a millionaire.

Contact Information:
Stephanie Bunn
2935 Horizon Park Drive, Suite D
Suwanee, GA 30024

(770) 271-1536

Matt Bacak
Mark Maupin


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