Calculate and Report Your Employees Payroll Taxes
Payroll taxes are the taxes that employers withhold from the employees’ paychecks and pay to the IRS. Depending on your business and the amount of payroll taxes you withhold, the depositing requirements may vary. Employers file the withheld taxes from an employee’s pay using Form W-4.Generally, employers are required to withhold the following taxes from their employee’s checks:
Those who are self-employed must pay the Self-Employment Tax (SE tax). This tax is similar to the Social Security and Medicare tax that employees pay through payroll taxes.
- Federal income tax
- Social Security
- Medicare Tax
- Additional Medicare Tax
- State income taxes, if any
- Local tax withholding, if any
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