Forums: Discussions for entrepreneurs and small business.

How do I do it? I`m finishing a business plan and I need to know just how much we intend to pay in payroll taxes? Is there a base percentage I just tax each employee?




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Collin Cummings
President, Drop Box, LLC
dropboxmail@gmail.com

Okay, I figured out that it`s 6.2% for Social Security tax, 1.45% for Medicare, but the Federal and State Unemployment Taxes are unclear. Is there a general percentage I can apply to the payroll projection to see what we`re going to pay in taxes?

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Collin Cummings
President, Drop Box, LLC
dropboxmail@gmail.com

Federal, State, and Disability taxes are employee paid.  You do not have to match it.  They also pay the 6.2% FICA and 1.45% Medicare just like you do.

You will have FUTA to calculate at .8% but it`s only paid on the first $7,000 worth of earnings PER employee.

Depending on the state you live in, there may be employer contributions to ETT and SUI.  New businesses in California are usually at 1% for the Training Tax [ETT] and, until they`re rated, start at about 3.4% for the Unemployment Tax [SUI].

Don`t forget workers compensation.  You can find information on rating by going to http://www.wcirb.com

If you need help, let me know.  It`s what I do.

Good luck. 

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10% is a safe estimate.

Hello -  visit this site:

http://www.breedlove-online.com/payroll-calculator

It allows you to put in which state you live in, how many deductions, married or single and at what pay frequency.  Good luck!

Taxes differ in States. You should try incorporating that after researching the tax rate of your state.

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In order to determine the tax rate (basis) for each employee, a W-4 is required to be completed prior to the issuance of the first payroll check. This form can be downloaded at no cost at www.irs.gov. In addition, an I-9 is also required and this can also be downloaded at no cost at www.uscis.gov

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