What's New Flashcards
Social security tax rate and limit
6.2%, $117,000
Medicare tax rate
1.45%
Wage of household workers that we start applying SS+MD taxes
$1900
Wage of election workers that we start applying SS+MD taxes
$1600
2014 Withholding Allowance
$3950
Entity with EIN must file this form to report the latest change (ex. addy)
Form 8822-B
If Er. pay to ee. in excess of $200,000 in a calendar year, Er. is required to begin withholding additional Medicare tax. how many %?
additional 0.9%
total 2.35%
When Er. hires eligible unemployed veterans, Er. can claim the work opportunity tax credit against their payroll tax liability. What form?
Form 5884-C
When do you file Form 944
When your employment taxes will be $1,000 or less
Form to be filed when Er. pay $600 or more to persons not treated as ee. for services performed for business.
Form 1099-MISC
What are the non payroll income items?
Pensions
Military Retirement
Gambling winnings
Gov’t pymt; Unemployement comp, SS
What should you do with non payroll income items?
Reported on Form 945, Annual Return of Withheld Federal Income Tax.
What is Backup withholding?
If ee fails to furnish you a taxpayer identification number, you must withhold 28%.
Which form to request ee to furnish a TIN and to certify the number furnished is correct?
Form W-9
EIN, Amounts and dates of all wage, dates of employment, Form W-4, EFTPS acknowledgment numbers, copies of returns filed, records of fringe benefits.
How long do you have to hold them?
At least 4 years
