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Ivy Branwen's Oddities & Curiosities - Coggle Diagram
Ivy Branwen's Oddities & Curiosities
Unemployment and FICA Taxes
Form 941
File Separate Forms Each Quarter
Fourth Quarter
October-December
First Quarter
January-March
Second Quarter
April-June
Third Quarter
July-September
Due by Last Day of Month
Following End of Quarter
FICA Taxes
Type of Payroll Tax
Internal Revenue Service (IRS)
Employers and Employees Pay
Medicare and Social Security programs
Medicare Calculation
Gross Pay x 1.45% = Medicare Contribution
Social Security Calculation
Gross Pay x 6.2% = Social Security Contribution
Unemployment Taxes
Federal Unemployment Tax Act (FUTA)
Department of Labor
Employers Pay
0.6% Tax Rate
First $7,000 of Wages
Over $7,000
Not Subject to Tax
Tax Calendar
Annual Accounting Period
Paying or Withholding Taxes
Keeping Records
Reporting Income and Expenses