Employer Payroll Taxes are contributions businesses are required to withhold and pay to federal, state, and local governments, including Social Security, Medicare, and unemployment taxes.
- What are employer payroll taxes?
Answer: They are taxes businesses pay for Social Security, Medicare, and unemployment. - What are the main types of employer payroll taxes?
Answer: Types include FICA (Social Security and Medicare) and FUTA (federal unemployment). - How are these taxes calculated?
Answer: They are calculated as a percentage of employee wages, with employer matching. - What are the employer’s responsibilities?
Answer: Employers must withhold, match, and remit taxes to the IRS and state agencies. - What are the penalties for non-payment?
Answer: Penalties include fines, interest, and potential audits.
