In: Accounting
Describe the different types of withholdings that you will withhold from an employees gross pay when doing payroll. Additionally, describe the types of payments that an employer may make regarding payroll for employees.
1 | Withholding held from employees pay | |
Federal income tax witheld | ||
Social security taxes witheld | 6.20% | |
Medicare taxes witheld | 1.45% | |
Charitable contribution | ||
Union dues deducted | ||
2 | Payment Employer make regarding payroll | |
Social security taxes witheld | 6.20% | |
Medicare taxes witheld | 1.45% | |
Federal Unemployment Tax | ||
State unemployement tax | ||