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Franklin's Rental Property (FICA Taxes (FICA Taxes is the Medicare and…
Franklin's Rental Property
Unemployment Taxes
For people to file with the IRS who has lost their job
Provides payments to those who has lost their job for a certain amount of time until they find another one
Two types of agencies who pays unemployment tax: SUTA and FUTA
File a form called 940 for FUTA and it must be done before January 31
Discuss Payroll Filing Requirements
You must file a 1099 Form since my Fiance and I would own rental property.
In order to file your taxes as an employee you would need: Driver License, End of Year Paystub, any deductions, any savings bonds, stocks, etc.
Every business has to file a FICA Form for the Payroll Taxes, Medicare, and Social Security for each employee
There is always going to be a payroll tax penalty to the business if they do not file in the time period they are given to file their information to the IRS
FICA Taxes
FICA Taxes is the Medicare and Social Security taxes that is taken out of my paychecks every year
For Social Security the tax rate is %6.2 and the Medicare rate is %1.45
Required by law to pay these FICA Taxes no matter what job you have
FICA Taxes are always due when you file your payroll taxes
Form 941 is part of the FICA Taxes. Businesses use this every quarter term of the year to keep the IRS informed on how much payroll taxes, Social Security tax, and Medicare tax is taken out
Tax Calendar
Always depends on when the fiscal year ends for you and your business
For my business it will have to be the end of December 31. So there fore I will have to file my businesses taxes on March 15.
Right now I work for someone, my payroll taxes are due by April 15 of 2020
Big businesses like Wal-Mart are due by Feb 15.