Pay Roll Taxes

Question 1

In addition to Federal Income taxes what are businesses required to withhold on employee payroll?

Answer 1

FICA (social security and Medicare).

Question 2

Employee Payroll taxes are a burden upon who?

Answer 2

The Employee

Question 3

What are the Employer Payroll taxes?

Answer 3

FICA equal to that of the employees, Federal Unemployment Insurance, and State Unemployment Insurance.

Question 4

What are the two (2) EMPLOYER payroll related expenses?

Answer 4

1. Employee Salary/Wage Expense

2. Employer’s Payroll tax expense.