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IRS Payroll Taxes
from: www.TaxesExposed.comThe Internal Revenue Service is in charge of the taxes that are paid to the government every year. They egt not only your personal taxes, but the IRS payroll taxes as well. These are the taxes that is deducted your paycheque each time that your employer pays you. Also, as an employer, there is a portion of IRS payroll taxes that the company has to pay as well.
There are a few things that you should know about the IRS payroll taxes that get paid by both an employee and an employer. When it comes to shared responsibility, there is the FICA tax. This is a tax that is a mixture of Medicare taxes and social security taxes. These are a set rate that both of you share. You each pay 6.2% for social security and 1.45% for Medicare. There is no negotiation for how much money is paid. These are set rates and can’t be changed. Thus, the more money that an employee makes, the more money gets paid in IRS payroll taxes.
There are other taxes that get withheld from an employee’s paycheque as well. For example, there are federal IRS payroll taxes that get taken out. As opposed to FICA taxes, these percentages are not set. There are many factors that affect how much you end up paying. For instance, when you first start working for a company, you fill out a W-4 form. This form asks questions about your marital status and how many dependants you have. These aspects of your own personal life will affect how much gets taken out.
Another thing that affects the federal taxes that get withheld from your paycheque is how much money you earn. For example, the more money you make, the larger the percentage of federal IRS payroll taxes gets taken out. This is not always the case and still depends on a lot of different factors including where you live.
You also must pay state taxes depending on the state in which you live. These are handled much in the same way that the federal taxes are handled. They are a scalable percentage that depends on many factors. It is hard to predict how much state taxes will be taken out of your paycheque.
IRS payroll taxes can be fairly confusing. There are several things that might affect how much money gets taken out of your paycheck. You will also need to claim these amounts when you do your own personal taxes at the end of the year. Some people get a lot of the money back that they lost to taxes throughout the year.
Christine Gray is a recognized authority on the subject of Online Taxes. Her website Taxes Exposed provides a wealth of information on everything you will need to know about Payroll Taxes. All rights reserved. Articles may be reprinted as long as the content and links remains intact and unchanged.
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