Small Business Encyclopedia: Payroll Taxes (미국 사례)
Payroll taxes include a number of different taxes that must be withheld from wages by all businesses that have employees. Small businesses that employ persons other than the owner or partners are required to withhold payroll taxes from the wages paid to employees, remit these taxes to the Internal Revenue Service (IRS), and make regularly scheduled reports to the IRS about the amount of payroll taxes owed and paid. Businesses are not required to withhold payroll taxes on wages paid to independent contractors. It is important to be aware of the distinctions between independent contractors and employees, however, because the penalties for misclassification can be severe.
Types of Payroll Taxes
Three main types of taxes fall under the category of payroll taxes:
- The regular income tax that must be withheld from employees' paychecks. Employees can adjust their income tax withholding by filing Form W-4 with their employer and designating the number of withholding allowances they wish to claim. Ideally, the total income tax withheld should come close to equaling their overall tax liability at the end of the year. By adjusting their withholding allowances properly, employees can avoid owing large amounts in taxes or providing the government with an interest-free loan.
- Federal Insurance Contribution Act (FICA) taxes, which include contributions to federal Social Security and Medicare programs. Employers are required to withhold 7.65 percent of the first $62,700 of an employee's income for FICA taxes. Employers are also required to match that amount for every employee, so that the total FICA contribution is 15.3 percent. Self-employed persons are required to pay both the employer and employee portions of the FICA tax.
- Federal Unemployment Tax (FUTA), which is approximately 1 percent of the first $7,000 in wages paid to an employee. This tax is paid in full by the employer.
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