Payroll for My Business
If you have a business in the USA with employees, you will have to manage your payroll with the IRS and the State Government. Unfortunately, managing payroll is one of the most difficult and time consuming parts of owning a business. Thankfully, ContadorMiami can help you by using our LeafPay Payroll Software. Let us manage the payroll of your business in USA for a small monthly fee.
Payroll Requirements in USA
Monthly 941 Deposits
Quarterly 941 Reports
Quarterly RT6 Unemployment Reports
Yearly W-3 and W-2 Reports
Yearly 940 Unemployment Reports
How Payroll Works in the USA
Payroll in the USA has 3 elements. These 3 elements are paid in part by the employer and by the employee. Below we will give you a brief review on how payroll works in the USA.
Payroll is made up of these 3 elements
Medicare – Medicare is a federal fund which will help retired people receive medical coverage after the age of 67. Medicare is 1.45% of Gross Salary of the employee. The employee and the employer both equally contribute 1.45%. The total is 2.9%.
Social Security –Social Security s a federal fund which will help retired people receive compensation after the age of 67. Medicare is 6.2% of Gross Salary of the employee. The employee and the employer both equally contribute 6.2%. The total is 12.4%.
FICA –FICA is the total of Medical and Social Security. The total is 15.3%. As discussed above, half is paid by the employee and the other half by the employer. A self-employed individual will have to pay the entire 15.3% which is known as self-employment tax.
Federal Withholding –A person on payroll also has the obligation to pay a portion of their income tax with each paycheck. This is dependent on their filing status, marital status, and number of children they have. The business owner will have to collect a W-4 from the employee which delivers this information to the employer.
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