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Self-Employed Payroll

Self-employed business owners have to pay self-employed contributions act, or SECA, taxes in addition to regular income tax. These types of businesses include sole proprietorships, partnerships, and S corporations. Self-employed business owners must pay 15.3% of net income for Social Security, Medicare, and Old Age Survivors and Disability Insurance. Workers who are not self-employed only […]

IRS Depositing Rules

As mentioned in a previous article, certain amounts from employee wages are deducted and sent to the IRS for Social Security and Medicare. When an employer deposits these amounts, there are certain rules established by the IRS which must be adhered to. Whenever deductions are taken out of an employee’s pay, this amount is a […]

Employee Pay Deductions

Whenever employees are paid for their labor, deductions must be made for a number of reasons. There are three deductions commonly made in the United States: deductions which are required by law on the federal and state level, deductions for the employer’s convenience, and deductions for the employee’s convenience. As required by law, deductions from […]

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