Definition Determining tax liabilities

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Glossary: Determining tax liabilities

For each of these you have to figure the total due based on the gross wages for that period - these taxes are figured as a percent of gross. For example, when the FICA and Medicare tax is 7.65% of gross wages, you take the gross wage, multiply it by .0765, and that is what you owe for the employer portion of FICA. You can get a chart which shows the Federal and state taxes due for each employee, based on their W-4 status and earnings. Unemployment will be based partly on a state multiplier and partly on your company's unemployment history. Workers compensation will depend on the industry code your employees work under, as well as your company's performance.



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Definition: Determining tax liabilities

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