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The employment tax is the tax that you, your employees, and your business should pay to the state, local, and federal agencies. Self-employment tax including Medicare tax and Social Security tax for self-employed businesses are considered as an Employment Tax. Taxation can be a complicated subject to deal with. Understanding employment taxation needs a thorough knowledge of government laws and regulations. We at BookMyEssay have eminent coursework experts who can help you learn guidelines on taxation policies and provide you with the best Employment Tax assignment help.

 

What is Employment Tax?

Employment Tax is the term used for referring the list of taxes, which relate to employees such as federal income taxes that are withheld from the employees and on behalf of the employees are paid to The Internal Revenue Services. BookMyEssay experts possess in-depth knowledge of the various taxation laws and they are always available to provide you with necessary Employment tax homework writing help.

The taxes include the following:

  • Federal income tax
  • Federal Unemployment Tax Act
  • Federal Insurance Contribution Act or FICA
  • The Medicare Act


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The FICA taxes are disability insurance taxes, old age taxes, and federal survivors’ taxes known as Medicare. These taxes are withheld from the pay of employees and paid to the IRS. Employment taxes should be paid by employers by direct payment or by withholding from the pay of employees. Self-employed people should pay taxes as self-employment tax.

Obligations of Employer Tax

Employment taxes include taxes that employers should pay when they have employees. The obligations of employers are stated in our Employment Tax assignment help online as follows:

  • Withhold income taxes from the pay of employees
  • Withhold the state income taxes from the pay of employees
  • Withhold FICA taxes from the pay of employees and pay these taxes including an equal amount from the business.
  • Pay state unemployment and federal taxes depending on the number of employees
  • Withhold Medicare Tax from the earning of employees over a certain threshold
  • Pay compensation fees of workers to federal or state agencies

The workers’ compensation fees can differ depending on the industry, location, and number of employees.

Depositing Employment Taxes

The rules for depositing tax can differ depending on the business and the amount you hold. The deposition rules are discussed in our help for assignment on Employment Tax as follows:

  • Traditional employers should deposit either semi-weekly or monthly. The payment schedule depends on the kind of business. The monthly deposits become due by the 15th of the next month. The semi-weekly deposits become due by Wednesday if the payments are made on Wednesday, Thursday, or Friday. If payments are made to employees on Monday, Tuesday, Saturday or Sunday, then the deposits should be made by next Friday.
  • The payment of local state deposits depends on the laws of the country you live in.

Differences Between Employment Taxes and Payroll Taxes

Employment Taxes and Payroll taxes are paid to the Internal Revenue Service’s directly. There is an overlap between these two taxes but there is a minor difference in the way the two terms are used.

Employment taxes are paid directly to the IRS from employers. The taxes include Social Security, Federal Income Tax, Medicare Taxes, and FUTA taxes or Federal Unemployment Tax Act. Payroll taxes include Medicare and Social Security taxes.

Payroll taxes are paid by employees and they affect the net pay of employees but the payroll taxes that are paid by employers do not affect it. Taxes paid by employees are deducted from the gross pay of employees that reduces the net pay. The payroll taxes that are paid by employers do not affect the paycheck of employees.


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