Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners
CPA Practice
APRIL 9, 2024
These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.
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