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Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA |
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» From: Maryland Dear TaxMama: I want a complete Payroll tax calculation information for MD State, including MEDI, SSI, FICA, FUTA, State Tax,State Unemployment and Local taxes? Please advise. Amit  You will find links to state forms from any of several pages on TaxMama's site - the FAQs page is always a good place to start. As it happens, MD is one of the few states that seems to have quite a nifty withholding calculator on their site. It will show you how much to withhold at various payroll levels, depending on how often you pay and in which county. You'll find more information and forms here on Maryland's site at Employer Withholding Information. This is where you'll find your state, local and state unemployment tax info. As to the Federal Tax items: FICA 7.65% (x 2 - once it comes from the employee's check. Then, the employer matches it.) Deduct this until the payroll reaches $84,900 for 2002. MEDI 1.45% (x 2 - once it comes from the employee's check. Then, the employer matches it.) Always deduct this. There is no limit. Check Tax Planet's Social Security Taxes page to look for annual updates. FUTA .8% Employer pays this, on wages up to the first $7000 each year. Federal Income Tax Withholding rates - Read Circular E And the Employer's Supplemental Tax Guide Now, now that I've given you all this information, let me suggest that you don't use it. Get yourself some payroll software that includes the calculation and tables. Bookkeeping programs, like QuickBooks offer plug in software. Better yet, there are several payroll processing companies that can help you for very reasonable rates. You'll find information here on TaxMama's Small Business Resources Page Why do I suggest this? Because payroll tax reporting and paying errors are the most common problem of small businesses. I have seen companies with really great products, high volumes of sales, great potential for success. And they have failed and been forced into bankruptcy because they didn't take care of their payroll tax issues properly. (Worse, even in bankruptcy, you can't bankrupt payroll taxes. So the owners still had to pay those tax bills from their own pockets for years.) Please understand, I am not exaggerating or trying to scare you. I am just SO tired of people coming to me AFTER they've blown it and paying me thousands of dollars to fix problems that could easily have been avoided for about $30 per month. Best wishes, Eva Rosenberg Your TaxMama  |
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2009 - Eva Rosenberg |
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