Archive for October, 2014

What’s Involved in Calculating FUTA Taxes?

What’s Involved in Calculating FUTA Taxes?

  • October 27th, 2014
  • jrhassociates
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One of the many payroll taxes for which employers are responsible is the Federal Unemployment Tax Act, otherwise known as FUTA. This tax provides funding for the federal unemployment compensation program to support workers who’ve lost their jobs through no fault of their own. Unemployment taxes are different from income…

Unemployment Compensation Benefits Programs

Unemployment Compensation Benefits Programs

  • October 23rd, 2014
  • jrhassociates
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Funding for unemployment compensation benefits programs come from taxes imposed upon employers on both federal and state levels. There are many factors that come into play when determining the amount that an employer is required to pay in unemployment taxes. Some of these factors include the total of the company’s…

Unemployment Tax Rates by State

Unemployment Tax Rates by State

  • October 22nd, 2014
  • jrhassociates
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Employers are responsible for contributing to unemployment benefits programs on both the state and federal level. There are several factors that contribute to the amount for which an employer is responsible for paying into these programs, such as the company’s age and industry, number of employees, and number of unemployment…

Do You Owe Self-Employment Taxes?

Do You Owe Self-Employment Taxes?

  • October 20th, 2014
  • jrhassociates
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If you own your own business and operate it entirely by yourself, without any employees, that means you’re not responsible for paying payroll taxes, right? WRONG! A common misconception amongst self-employed business owners is that without employees, they don’t have to pay payroll taxes, but what they often don’t realize…

How to Reduce Payroll Tax Obligations

How to Reduce Payroll Tax Obligations

  • October 16th, 2014
  • jrhassociates
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There are several ways for business owners to reduce payroll tax obligations. In our previous blog, we started listing some tips on how to reduce payroll taxes, such as forming an S corporation and hiring independent contractors, but that was merely the beginning. Here are a few more actions you…

How to Reduce Payroll Taxes

How to Reduce Payroll Taxes

  • October 15th, 2014
  • jrhassociates
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Employers are responsible for paying their share of FICA taxes for every employee on their payroll. Between the employer’s and the employee’s contributions, FICA taxes are 15.3% of the employee’s total wages. That means that if you’re paying an employee an annual salary of $50,000, you’re paying an additional $3,825…

Everything You Need to Know About FICA Tax Rates

Everything You Need to Know About FICA Tax Rates

  • October 13th, 2014
  • jrhassociates
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Employers have a number of obligations when it comes to payroll taxes; in addition to paying their own portion of Social Security and Medicare taxes, they also have to withhold employees’ wages and make those payments to the government at the end of the year. The Federal Insurance Contributions Act…

What Do Accountants Do?

What Do Accountants Do?

  • October 9th, 2014
  • jrhassociates
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“What do accountants do?” It’s a common question for business owners who are trying to decide where they can cut costs. On a very basic level, many people could dismiss the job of an accountant on the assumption that they merely add up numbers on a sheet of paper. “I…

Why You’ll Regret Not Hiring an Experienced Accountant

Why You’ll Regret Not Hiring an Experienced Accountant

  • October 6th, 2014
  • jrhassociates
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Many business owners seem to think that they can cut some extra costs by handling their finances themselves and foregoing the services of an experienced accountant. What most of these business owners come to find is that if you don’t have the depth of knowledge that a seasoned tax professional…

The Four Types of Business Taxes

The Four Types of Business Taxes

  • October 2nd, 2014
  • jrhassociates
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There are several types of taxes that businesses are responsible for paying. As a business owner, it’s important to be aware of the many obligations to which you’re bound so that you make sure you fulfill them all. If you wind up failing to pay any the business taxes for…