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NetPEO takes the headaches out of
earnings and federal payroll tax deductions by giving
you unlimited options for tailoring these tax services
to your needs. Generally speaking, employees report
payroll by calculating gross pay and various payroll
deductions to arrive at net pay. While this seems simple
enough to understand, calculating various payroll
deductions requires that the payroll accountant be
detail-oriented and work with extreme accuracy.
The responsibility for payroll
taxes continues even after paychecks have been issued to
employees. The company is responsible for paying the
employer’s share of payroll taxes, for depositing tax
dollars withheld from the employee’s paychecks,
preparing various reconciliation reports, accounting for
the payroll expense through their financial reporting,
and filing payroll tax returns.
Companies are responsible for
paying their portion of payroll taxes. These payroll
taxes are an added expense over and above the expense of
an employee’s gross pay. The employer-portion of payroll
taxes includes the following:
Social Security taxes (6.2% up to
the annual maximum)
Medicare taxes (1.45% of wages)
Federal unemployment taxes (FUTA)
State unemployment taxes (SUTA)
If you feel overwhelmed by payroll taxes, contact
NetPEO. We can find a Federal Payroll taxes deductions
services provider for you. NetPEO is an HR brokerage
firm, matching clients with the service brokers to meet
his/her needs. |
