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How do I determine my payroll tax liabilities?

Author:
Harold Averkamp, CPA, MBA

Your payroll tax liabilities will include the following:

  • Federal, state, and local income taxes withheld from employees’ wages, salaries, bonuses, etc. but not yet remitted.
  • The unremitted Social Security and Medicare taxes that were to be withheld plus your company’s matching of those taxes.
  • State and federal unemployment taxes not yet remitted. Your state can tell you the rate for your company and the wages to which the rate applies. For example, it might be 5% on the first $9,000 of annual wages and salaries. The federal rate (after credit) is 0.6% on the first $7,000 of annual wages and salaries.

In addition to the payroll taxes, you may have payroll related liabilities for worker compensation insurance, health insurance, 401-k contributions, pensions, vacations, and so on.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

Learn More About Harold

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