US Payroll Taxes Explained
Are you an employer who is just starting out in your business? If you are, then something you should probably learn about is employee payroll tax. These are the fees that get taken out of your paycheck to pay for state and federal taxes. Many employers first starting out might think this is fairly complicated, and this is why there are employee payroll services out there that help with things like this.
Payroll companies take the information that you give them and calculate exactly how much in taxes each employee has to pay. A payroll company also keeps track of how much each employee opts to take out of their check. Another payment that is required here is the taxes that the employer pays. This can also be covered by the hr outsourcing services, but it’s also good to know that all in all, there are taxes that are applicable to the employee, the employer, and both the employee and the employer. The last thing that most employers forget is compensation. Whenever you give your employee a bonus or overtime, this all has to be put onto the books.