Bookkeeping

Using the information on the W-4, employers can calculate how much federal income tax to withhold from each paycheck. Companies are responsible for managing a range of deductions and taxes, from federal and state income tax payroll expenses withholdings to Social Security and Medicare contributions. Employers withhold these amounts from employee paychecks and also match […]

Half is a direct expense to the company and the other half is withheld from the employee’s paycheck. Employers don’t match income tax deductions but they do pay federal unemployment taxes. The IRS’s Income Withholding Assistant will help you determine how much federal income taxes your employees owe. Accrued payroll liabilities are the amount a […]