ACC 281 Week 3 DQ3 - 7423

Solution Posted by
3number
Solution Detail
Price: $2.00
  • From: ,
  • Posted on: Wed 11 Apr, 2012
  • Request id: None
  • Purchased: 0 time(s)
  • Average Rating: No rating
Request Description


What are the payroll taxes paid by employees? What are the payroll taxes paid by the employer? What types of reports are used to document to the government the payroll taxes paid by the employee and employer?

The payroll taxes paid by the employees are called the FICA taxes which stand for Federal Insurance Contribution Act. The FICA tax consists of both Social Security and Medicare taxes. They are both paid by the employees and the employer. On top of that, the employer must pay unemployment taxes for both state and federal. The 941 Form is a quarterly report the employer must complete and submit, which state the federal income tax withheld and the FICA taxes withheld. Another form the employer is responsible for is the W-3, Transmittal of Income and Tax Statements. This is completed once a year and shows total year’s earnings and the amounts withheld for taxes for an employee. The most familiar form is the W-2, which the employer is also responsible for which shows total year’s earnings and the amounts withheld for taxes for an employee.

Solution Description


What are the payroll taxes paid by employees? What are the payroll taxes paid by the employer? What types