Kiva Lending Team: Payroll taxes
Payroll : The day you hire the employee, you become responsible for paying the payroll tax. Payroll tax, the name indicates a single tax, but a blanket term used to refer to all taxes paid on the salaries of employees.
If you have employees, you are going to be responsible for both:
Deducting a salaries portion of employee wages to pay certain taxes on their behalf
Paying payroll taxes on each of your employees out of your own revenue
In this article, we’ll show you how to calculate employer payroll taxes (the taxes you as the employer will pay) as well as how much employee need to pay the tax to remit to the government.
State and local payroll tax
Employers are most responsible people who pay their state and local payroll tax on behalf of their employment. As with federal payroll tax, part of this tax is employer paid and part is employee paid. Keep in mind that “employee paid” just means that you, the employer, can capacity to hold a certain amount from your employee’s paycheck and then remit the remaining amount as part of the payroll taxes.
Coming to state payroll tax (State Unemployment Tax, or SUTA), the company employers are also responsible for paying the state income tax on behalf of their employees.
Payroll taxes are governed at the state and local level, and every payroll tax rules are different. The Federation of Tax Administrators published a list of each state’s taxing authority. More description about the payroll tax in your state and local area there.
On Official website , www-mynordstrom.com, Access to MyPay Payroll to view past and present payslips to pay your taxes.
Location: United States Team website
0 messages. Join the team to get in on the action!
This team has not made any loans in the past 90 days that are currently raising funds. Check back soon or make a loan!
Have feedback on lending teams? Click here.