Social Security Taxes in Visual Studio .NET

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Social Security Taxes
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Employers are required to withhold 62 percent of each employee s pay, which is forwarded to the government Social Security fund The employer must also match this amount, so the total remittance to the government is 124 percent This withholding applies to the first $87,000 of employee pay in each calendar year, though this number increases regularly by act of Congress
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Example: The President of the Humble Pie Company is Ms Elinor Plump
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She earned $185,000 in calendar year 2002 She expects to be paid the same amount in 2003, and wants to know how much Social Security tax will be deducted from her pay in that year, so she can budget her cash flow The calculation is: Total annual pay Total annual pay subject to the Social Security tax Tax rate Social Security taxes to be withheld $185,000 $ 87,000 62% $5,39400
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If a company takes over another business or purchases its assets, the buying entity can include the year-to-date wages paid to the acquiree s employees in determining the amount of Social Security taxes withheld This reduces the amount of withholdings for those employees who earn more than $87,000 per year, and also reduces the amount of matching taxes paid by the business
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Employers are required to withhold 145 percent of each employee s pay, which is forwarded to the government Medicare fund The employer must also match
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136 / Accounting for Payroll
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this amount, so the total remittance to the government is 29 percent This withholding applies to all employee earnings during the year, with no upper limit
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Example: The Humble Pie Company s most productive salesperson is Mrs
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Elma Soders, whose annual base pay is $25,000 The total of her commissions and performance bonuses for the past year was $147,000, giving her a total compensation of $171,000 What will both Mrs Soders and the company pay to the government for her Medicare taxes Total annual pay Total annual pay subject to the Medicare tax Tax rate Medicare taxes to be remitted $171,000 $171,000 29% $4,95900
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All states require state income tax withholding, with the exceptions of Alaska, Connecticut, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming Those states requiring a business to withhold state income taxes from its employees all have different methods and forms for doing so, which requires a detailed knowledge of the withholding and remittance requirements of each state If an organization calculates its own payroll, then it will likely be sent this information on a regular basis through the mail by each state government with which it has registered It can also access this information for most states by accessing their official websites A much easier approach is to outsource the payroll processing function, which gives the payroll supplier responsibility for making the correct withholdings and remittances (if the employer chooses this service) Unlike the federal government, which allows most payroll tax payments to be remitted with a single remittance document, states may require employers to use a variety of forms, perhaps one for income taxes, another for unemployment insurance, and another for disability insurance (though this is only required by a small number of states) Given the amount of paperwork involved, a company that remits its own state taxes should construct a calendar of remittances, which the payroll manager can use to ensure that payments are always made, thereby avoiding late payment penalties and interest charges If an employer has nonresident employees and the state in which it does business has an income tax, the employer will usually withhold income for each employee s state of residence Alternatively, an employer can withhold income on behalf of the state in which it does business and let the employee claim a credit on his or her state tax return to avoid double taxation The ability to do this will vary by individual state law
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Payroll Taxes and Remittances / 137
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