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Payroll Tax Questions

There are two types of payroll taxes they are similar taxes. One kind of tax is, tax that is mandatory for employers to withhold from their employee’s wages, this type of tax is known as withholding tax, pay as you earn tax (PAYE) also pay as you go tax (PAYG). Another type of tax is tax that is directly paid from the employer’s own account that is connected to employing a worker. This can result in a fixed charge that is linked to the employee’s salary. You can read below to find more information on payroll tax by the Experts.

What are the payroll tax rules for employees working for non-profit organizations?

An individual that is working for a non-profit organization is still under the same payroll taxes as an individual that is working for a “for profit” companies. Also, the non-profit organization must match the Federal Insurance Contributions Act (FICA), Medicare tax, the state unemployment and federal unemployment. Even though considering the non-profit organization might be excused for income taxes; it will still have to pay employment related taxes.

How does an individual go about paying payroll taxes for a Federal Insurance Contributions Act (FICA)?

In order to pay taxes for Federal Insurance Contributions Act (FICA) you will need a Federal Identification Number (FID). To obtain your federal ID number you can go to www.irs.gov, you will also need to complete the SS-4 form and your number will be given to you right away. After obtaining your federal ID number you can go to any local bank to pay your payroll taxes. However, you will need a federal tax deposit coupon. To receive these you can call the Internal Revenue Service (IRS) to have them sent to you. You may even be able to go to your local IRS office and have them preprint blank deposit coupons until the official ones arrive. Another option would be to call the IRS and set up electronic funds transfer (EFT) this will allow you to pay your payroll taxes electronically.

Is a payroll tax expense an additional expense against salary wages?

Payroll tax expense is tax the employer will match the Federal Insurance Contributions Act (FICA) and Medicare expense that is 6.2% only on wages up to 94,200 dollars in 2006 and only 1.45% on the entire wages. This also contains the State and the Federal unemployment taxes. This is also an addition to the wages and salaries expense.

How is Michigan Retirement Income taxed?

In most situations, Social Security, Military, Federal/State and local Government pensions are exempt from taxation. However, private pensions are only exempt up to 40,920 for an individual filer, and for married filing joint returns, exempt up to 81,840. Most private pensions are reduced by the amount of any public deduction that is claimed. Any taxpayer 65 or older can choose to deduct interest, dividends, and capital gain up to a specified amount for individual filer as well as married filing joint returns.

If an individual is behind on paying payroll taxes how can they get an agreement with the Internal Revenue Service (IRS) to pay over time?

You can setup an installment plan for a payment regarding your past due payroll tax liabilities. Trust Fund Tax group is the most difficult to deliberate with the Internal Revenue Service (IRS). Now if a payment plan is approved, normally the time frame will become shorter in which you have to pay the taxes, the normal maximum time frame is 24 months. The penalties and any interest will continue to increase on outstanding balance throughout the time payments are being made. You will fill out a 9465 form to the Internal Revenue Service (IRS) to apply for a payment plan. Then an IRS agent will designated to the case to look over all of the applicable factors to see whether or not you will qualify for the payment plan.

Have you or someone you know had questions regarding payroll taxes? Such as what is payroll tax or what are payroll tax rates? You may not know where to seek these answers. You can ask these questions and many others to the thousands of available Experts.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 572
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3053
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

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