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Tom where can I find the information about what needs to be withheld from a paycheck? I'm trying to determine if its worth expanding my license by doing a dry run on numbers.
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Having just done quarterly taxes, and seeing that Tom hasn't responded....
Out of the employee's pay comes
FICA: gross wages X .052
Medicare: gross wages X .0145
FIT: depends on how many dependents
L&I: # of hours worked X .09135 - varies depending on state
Employer (YOU) pay gross wages plus:
match FICA
match Medicare
L&I: # of hours worked X .17865
SUTA: gross wages X .0151
FUTA: (isn't in my spreadsheet for % but paid on first X1000 dollars) and paid one time a year.
So boil this down to:
Cost for 80 hours @ $10/hr
Gross $800
Net $739
Employer Cost Above Gross: $71
Total Cost: 871
So the $10 per hour is really $10.88 after you pay employer portion of taxes.
I know Tom can give you more detail, but this will give you an idea. -
Assistant pay
The employee share of FICA is actually now .042 (after Congress reduced it by 2%).
Federal unemployment tax is now .2% on the first $7,000 of wages (down from .8% last year)
State unemployment tax varies a lot by state. Contact your state unemployment tax office.
L&I (workers compensation insurance) varies a lot by stateComment
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