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US Payroll Taxes Explained (Everything You Need to Know)

LyfeAccounting

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. Types of US Payroll Taxes.

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A Quick Guide to Payroll Tax Filings!

LyfeAccounting

?. So you have a business? For the purposes of filing and paying employer payroll taxes, I’d highly recommend using a payroll software like QuickBooks or Gusto. These programs completely automate the process of calculating and filing your payroll taxes. Payroll Tax Filings: Forms That You Need. State unemployment.

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Payroll Taxes vs. Income Taxes | What’s the Difference Between Payroll and Income Tax?

LyfeAccounting

As a business owner, understanding how to navigate taxes can be extremely overwhelming. With our first business, LYFE Marketing, I remember stressing to figure out what was the best way to pay my taxes. To start, I didn’t know what forms I needed to fill-out. With that said, let’s talk about taxes.

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What is IRS Form 941?

ThomsonReuters

Highlight: The IRS Form 941 is one of the most important payroll-related tax returns used by businesses to report employment taxes, including federal income tax withholding, Social Security tax, Medicare tax, and Additional Medicare tax. What is the IRS Form 941? When do businesses need to file Form 941?