The Basics of Payroll Taxes by Michael Savage

Dec. 3, 2012 - PRLog -- Small business owners have many responsibilities when it comes to handling taxes for their business, and payroll taxes play a large role. In order to run a successful company, payroll taxes must be kept up-to-date and accurate.

Every employer is required by law to withhold state and federal taxes, but in addition they are required to withhold social security and Medicare taxes from employees’ wages. In most cases employers are also required to pay State and Federal unemployment tax. After paychecks have been issued to employees, the employers are responsible for depositing tax dollars that were withheld from the employees’ paychecks. They must also account for the payroll expense through financial reporting. Lastly an employer must file payroll tax returns.

Because payroll taxes play a large role in the employers’ responsibilities there are many steps that business owners can take to ensure that their payroll taxes are fully accurate and ready in a timely fashion. Services may be provided to assist business owners that include payroll processing, quarterly and year-end processing, and complete tax processing and management.

About Michael Savage

Michael Savage, 1800Accountant associate,  focuses on business consulting and tax preparation services in New York City, NY. 1800Accountant gives businesses advantages by assisting with tax preparation and implementing steps to ensure success. Those steps include creating a business plan, structuring a payroll system, maintaining a recordkeeping system, and properly filing business and personal taxes. To learn more, please visit: http://1800accountant.com