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Hello, My name is James and I am currently studying payroll in its totality.
I live in CA, so state taxes there will be applied.
If I can receive detailed advice/help with the payroll process, I would really appreciate it.
I especially need help with knowing which taxes and tax forms I will need to add/complete.
From my knowledge,
Set up Payment time period (Weekly, Biweekly, Etc.),
Determine Wages ($$ Hourly, Salary, etc.)
Record Hours/Times/Commissions
Deduct from paycheck (Benefits, Insurance, Taxes, Etc.)
Add to paycheck (Mileage for travels, Meal reimbursements, Etc.)
Print Checks/ Direct Deposit
FICA Taxes
Social Security- 6.2%
Medicare- 1.45%
Federal- Based on tax table/ different brackets
State-Based on tax table/ different brackets
Local Taxes- Not Sure
Employee Training Tax-0.1 % of first $7000, $7 Max per year
Unemployment Insurance-3.4 % of first $7000 (New rate each December) (Max is $434 per year)
State Disability Insurance- 1% of first $101636. Max of $1016.36
Forms to be Completed:
I-9 for Employee verification of work eligibility
W-4 to determine Federal Tax withholding
Send out W-2 to employees for income tax
Form 941 for Payroll Liabilities to IRS
1099-MISC for Contract Employees
Companies have to match the amount deducted from employees and pay that amount to the IRS in addition to the amount they withheld. If contract, double the witholdings.
I live in CA, so state taxes there will be applied.
If I can receive detailed advice/help with the payroll process, I would really appreciate it.
I especially need help with knowing which taxes and tax forms I will need to add/complete.
From my knowledge,
Set up Payment time period (Weekly, Biweekly, Etc.),
Determine Wages ($$ Hourly, Salary, etc.)
Record Hours/Times/Commissions
Deduct from paycheck (Benefits, Insurance, Taxes, Etc.)
Add to paycheck (Mileage for travels, Meal reimbursements, Etc.)
Print Checks/ Direct Deposit
FICA Taxes
Social Security- 6.2%
Medicare- 1.45%
Federal- Based on tax table/ different brackets
State-Based on tax table/ different brackets
Local Taxes- Not Sure
Employee Training Tax-0.1 % of first $7000, $7 Max per year
Unemployment Insurance-3.4 % of first $7000 (New rate each December) (Max is $434 per year)
State Disability Insurance- 1% of first $101636. Max of $1016.36
Forms to be Completed:
I-9 for Employee verification of work eligibility
W-4 to determine Federal Tax withholding
Send out W-2 to employees for income tax
Form 941 for Payroll Liabilities to IRS
1099-MISC for Contract Employees
Companies have to match the amount deducted from employees and pay that amount to the IRS in addition to the amount they withheld. If contract, double the witholdings.
