Complete, Unabridged Guide to Payroll tax. Get the information you need--fast! This comprehensive guide offers a thorough view of key knowledge and detailed insight. It's all you need. Here's part of the content - you would like to know it all? Delve into this book today!..... : The first kind is a tax that employers are required to withhold from employees' wages, also known as withholding tax, pay-as-you-earn tax (PAYE), or pay-as-you-go tax (PAYG) and often covering advance payment of income tax and social security contributions.
... Federal social insurance taxes are imposed equally on employers and employees, consisting of a tax of 6. 2% of wages up to an annual wage maximum ($110,100 in 2012) for Social Security and a tax of 1. 45% of all wages for Medicare.
...Each employer is required to provide each employee an annual report on IRS Form W-2 of wages paid and Federal, state and local taxes withheld, with a copy must to the IRS and many states.
...Payment of Federal and many state payroll taxes is required to be made by electronic funds transfer if certain dollar thresholds are met, or by deposit with a bank for the benefit of the taxing jurisdiction.
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Inside the Guide: Payroll tax, Tax incidence, Tax incentive, Tax haven, Tax, Regressive tax, Income tax, Flat tax, Federal Insurance Contributions Act tax, Corporate tax, Bermuda