A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Types of Payroll Deductions

Federal Income Tax
Federal Income Tax

Payroll Deductions Calculator Use this calculator to help you determine the impact of changing your payroll deductions. You can enter your current payroll information and deductions, and then compare them to your proposed deductions.

source: bankrate.com
Insurance Policies
Insurance Policies

While the law does not require an employer to take voluntary deductions from payroll, most employers do. In some cases, voluntary payroll deductions are convenient for the employer. In others, voluntary payroll deductions are convenient for the employee.

image: template.net
Medicare Tax (FICA)
Medicare Tax (FICA)

FICA taxes are taxes for Social Security and Medicare. The FICA tax is shared by employees and employers, so one-half of the tax is deducted from employee paychecks each payday. The other half, an amount equal to the amount deducted from employee paychecks, must be paid by you as an employer.

Medicare tax Withholding
Medicare tax Withholding

Additional Medicare Tax Withholding Rate Additional Medicare Tax applies to an individual's Medicare wages that exceed a threshold amount based on the taxpayer's filing status. Employers are responsible for withholding the 0.9% Additional Medicare Tax on an individual's wages paid in excess of $200,000 in a calendar year, without regard to filing status.

source: irs.gov
Social Security (FICA)
Social Security (FICA)

FICA taxes are taxes for Social Security and Medicare. The FICA tax is shared by employees and employers, so one-half of the tax is deducted from employee paychecks each payday. The other half, an amount equal to the amount deducted from employee paychecks, must be paid by you as an employer.

Social Security Taxes and
Social Security Taxes and

Topic Number: 751 - Social Security and Medicare Withholding Rates. Taxes under the Federal Insurance Contributions Act (FICA) are composed of the old-age, survivors, and disability insurance taxes, also known as social security taxes, and the hospital insurance tax, also known as Medicare taxes. Different rates apply for these taxes.

source: irs.gov
State Income Tax
State Income Tax

But say California replaces the state income tax (at least for employment income) with a state payroll tax that’s paid by the employer, and that it comes in at the same amount per employee.