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Accounting All-in-One For Dummies, with Online Practice, 2nd Edition
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Accounting All-in-One For Dummies, with Online Practice, 2nd Edition

by Joseph Kraynak
April 2018
Beginner content levelBeginner
768 pages
20h 9m
English
For Dummies
Content preview from Accounting All-in-One For Dummies, with Online Practice, 2nd Edition

Chapter 5

Computing and Reporting Payroll Taxes

IN THIS CHAPTER

check Tallying the employer’s share of Social Security and Medicare

check Filing and paying unemployment taxes

check Figuring out workers’ compensation

check Keeping accurate employee records

After your company hires employees, you need to complete regular reports for the government regarding the taxes you must pay toward the employees’ Social Security and Medicare, as well as unemployment taxes. In most states, employers also are required to buy workers’ compensation insurance based on employees’ salary and wages.

This chapter reviews the federal, state, and local government reporting requirements for employers as well as the records you, the accountant, must keep in order to complete these reports. You also find out about the requirements for buying workers’ compensation insurance.

Paying Employer Taxes on Social Security and Medicare

In the United States, both employers and employees must contribute to the Social Security and Medicare systems. In most cases, employers share equally with employees the tax obligation for both Social Security ...

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Publisher Resources

ISBN: 9781119453895Purchase book