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[ 종업원 급여 관련 Taxes (IRS) Summary ]

2017.07.01 17:45

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[ 종업원 급여 관련 Taxes (IRS) Summary ]

                                                                                     김동오 회계사

Federal Taxes

I. FICA (Federal Insurance Contributions Act) taxes;- Social security Tax, Medicare Tax

- Social Security Medicare Tax

- Social Security Tax 세율은 employer employee 각각 6.2% 부담하여 합계 12.4%.

Medicare Tax 세율은 employer employee 각각 1.45% 부담하여 합계 2.9%.

Social Security tax Wage상한선이 있으며 2015 기준으로  $118,500 급여까지만 과세된다.

Medicare tax 상한선이 없으며 모든 급여에 대하여 과세된다.

 

II. FUTA (Federal Unemployment Tax Act) tax -- Form 940File, Form 941 (FICA & Withholding income tax)

 

- Who Must File Form 941 ?

Use Form 941 to report the following amounts.

1. Wages you have paid(종업원 급여).

2. Tips your employees have received(종업원이 받은 Tip소득).

  *No report is required for months when tips are less than $20.

3. Federal income tax you withheld(종업원 소득세 withholding 부분).

4. Both the employer's and the employee's share of social security and Medicare taxes.

5. Additional Medicare Tax withheld from employees

 

- When To File Form 941 ?

1. 매분기가 끝나면 다음달 말까지 File해야함.

2. Form 944 (FICA & Withholding income tax):Annual Report

3. Form 941 Tax Deposit

4. Depositing Your Taxes :you must deposit all depository taxes electronically by EFT.

 

- Must You Deposit Your Taxes?

1. You may have to deposit the federal income taxes you withheld and both the employer and employee

social security taxes and Medicare taxes.

 

- When Must You Deposit Your Taxes?

1. Determine if You Are a Monthly or Semiweekly Schedule Depositor for the Quarter . (* lookback period)

2. Monthly Deposit Schedule

3. Under the monthly deposit schedule, deposit employment taxes on payments made during a month

by the 15th day of the following month.

Semiweekly Deposit Schedule


IF the payday falls on a . . 

Wednesday, Thursday, and/or Friday

THEN deposit taxes by the following . . .

Wednesday


IF the payday falls on a . . 

Saturday, Sunday, Monday, and/or Tuesday

THEN deposit taxes by the following . . .

Friday


- What About Penalties and Interest? (Avoiding Penalties and Interest)

1. File your fully completed Form 941 on time. Report your tax liability accurately.

2. Submit valid checks for tax payments.

3. Furnish accurate Forms W-2 to employees.

4. File Form W-3 and Copy A of Forms W-2 with the SSA on time and accurately. (Deposit Penalties)

5. 2% - Deposits made 1 to 5 days late.

6. 5% - Deposits made 6 to 15 days late.

7. 10% - Deposits made 16 or more days late.

8. 15% - Amounts still unpaid more than 10 days after the date of the first notice the IRS sent asking for the tax

  due or the day on which you received notice and demand for immediate payment, whichever is earlier.

9. Failure-to-file penalty: For each whole or part month a return is not filed when required (disregarding any

extensions of the filing deadline), there is a failure-to-file penalty of 5% of the unpaid tax due with that return.

The maximum penalty is generally 25% of the tax due.

 

 

NJ Income Tax - Reporting and Remitting

New Jersey gross income tax withheld from employees' wages or from other payments must be remitted

electronically to the State on a weekly, monthly/quarterly, or annual basis.

The related returns must also be filed electronically on a monthly, quarterly, or annual basis.

- Reporting/Payment Frequency

1. Monthly/Quarterly Filers. Form NJ-927 or NJ-927-W

2. Employers are also required to file Form WR-30, Employer Report of Wages Paid


- Payment Classifications
1. Weekly payers : Weekly payers are defined as employers with a prior year liability of $10,000 or more

for employer income tax withholdings. Weekly payers are required to file a quarterly return, Form NJ-927-W
2. Monthly/Quarterly Payers : Employers not classified as weekly payers must report and remit tax on a

monthly or quarterly basis. Employers use the Form NJ-500 Monthly Remittance of Gross Income Tax

Withheld to remit tax for either of the first two months of a quarter whenever the amount due for either

month is $500 or more. Form NJ-500 is due on or before the 15th day of the month following the end

of the reporting period.Tax due for the third month of the quarter is remitted with the quarterly return,

Form NJ-927, on or before the 30th day of the month following the end of the quarter.



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