EMPLOYMENT TAXES

Employment Taxes

Employers must deposit and report employment taxes. Employer must pay their taxes before the due date and on time. Beyond Financial help you with your employment taxes. We help you in filing the form W-2, W-3 & W-4.
At the end of the year, employer must prepare and file Form W-2, Wage and Tax Statement to report wages, tips and other compensation paid to an employee. Use Form W-3, Transmittal of Wage and Tax Statements to transmit Forms W-2 to the Social Security Administration.

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Federal Income Tax

  • Employers generally must withhold federal income tax from employees’ wages. To figure out how much tax to withhold, use the employee’s Form W-4.
  • The social security wage base limit is $137,700 for 2020 and $142,800 for 2021. The employee tax rate for social security is 6.2% for both years.

Federal Unemployment (FUTA) Tax

  • Employers report and pay FUTA tax separately from Federal Income tax, and social security and Medicare taxes. You pay FUTA tax only from your own funds. Employees do not pay this tax or have it withheld from their pay.
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