August 2025
Beginner
352 pages
8h 38m
English
Content preview from Bookkeeping For Dummies, 3rd Edition
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Chapter 12
Employer-Paid Taxes and Government Payroll Reporting
IN THIS CHAPTER
Tallying up the employer’s share of Social Security and Medicare
Filing and paying unemployment taxes
Figuring out workers’ compensation
Keeping accurate employee records
You may think that employees will make your job as a business owner easier, but I’m afraid you’re wrong on that one. It’s really a mixed bag. While employees help you keep your business operating and enable you to grow, they also add a lot of government paperwork.
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 every state except Texas, employers also are required to buy workers’ compensation insurance based on employees’ salaries and wages.
This chapter reviews the federal, state, and local government reporting requirements for employers as well as the records you, the bookkeeper, must keep in order to complete these reports. You also find out how to calculate the various ...
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