Misty
Gold Member
- Aug 11, 2009
- 7,137
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Accounting 101 for stupid liberals who have never run s business*
"In addition to salaries and wages, the employer will incur some or all of the following payroll-related expenses:
Employer portion of Social Security tax
Employer portion of Medicare tax
State unemployment tax
Federal unemployment tax
Worker compensation insurance
Employer portion of insurance (health, dental, vision, life, disability)
Employer paid holidays, vacations, and sick days
Employer contributions toward 401(k), savings plans, & profit-sharing plans
Employer contributions to pension plans
Post-retirement health insurance"
"In addition to the amount withheld from its employees for Social Security taxes, the employer must contribute/remit an additional amount, which is an expense for the employer.
In the year 2012, the employer's portion of the Social Security tax is 6.2% of the first $110,100 of an employee's annual wages and salary.
For example, if an employee earns $40,000 of wages, the entire $40,000 is subject to the Social Security tax. This means that in addition to the withholding of $1,680, the employer must also pay $2,480.The combined amount to be remitted to the federal government for this one employee is $4,160 ($1,680 of withholding plus the employer's portion of $2,480)."
Payroll Taxes, Costs & Benefits Paid by Employers | AccountingCoach.com
"In addition to salaries and wages, the employer will incur some or all of the following payroll-related expenses:
Employer portion of Social Security tax
Employer portion of Medicare tax
State unemployment tax
Federal unemployment tax
Worker compensation insurance
Employer portion of insurance (health, dental, vision, life, disability)
Employer paid holidays, vacations, and sick days
Employer contributions toward 401(k), savings plans, & profit-sharing plans
Employer contributions to pension plans
Post-retirement health insurance"
"In addition to the amount withheld from its employees for Social Security taxes, the employer must contribute/remit an additional amount, which is an expense for the employer.
In the year 2012, the employer's portion of the Social Security tax is 6.2% of the first $110,100 of an employee's annual wages and salary.
For example, if an employee earns $40,000 of wages, the entire $40,000 is subject to the Social Security tax. This means that in addition to the withholding of $1,680, the employer must also pay $2,480.The combined amount to be remitted to the federal government for this one employee is $4,160 ($1,680 of withholding plus the employer's portion of $2,480)."
Payroll Taxes, Costs & Benefits Paid by Employers | AccountingCoach.com