CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-2 Determining Payroll Tax Withholding Required by Law to withhold taxes Payroll taxes represent.

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Presentation transcript:

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-2 Determining Payroll Tax Withholding Required by Law to withhold taxes Payroll taxes represent a liability until paid Federal Income Tax – required in all 50 states

CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 12-2 EMPLOYEE’S WITHHOLDING ALLOWANCE CERTIFICATE page Write the employee’s name and address 2.Write the employee’s social security number. 3.Check the appropriate marital status block. 4.Write the total number of withholding allowances claimed. 5.The employee signs and dates the form.

CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON 12-2 EMPLOYEE’S INCOME TAX WITHHOLDING – MARRIED PERSONS page Select the appropriate table. 2.Locate the employee’s total earnings. 3.Intersection of wages and number of allowances column.

CENTURY 21 ACCOUNTING © Thomson/South-Western Social Security and Medicare Tax (FICA) Federal Insurance Contribution Act Social Security provides for old-age, survivors, and disability insurance 6.2% of total earnings up to 118,500 (2015) Medicare Provides for hospital Insurance for elderly 1.45% of total earning (no tax base) 4 LESSON 12-2

CENTURY 21 ACCOUNTING © Thomson/South-Western 5 LESSON 12-2 TERMS REVIEW payroll taxes withholding allowance social security tax Medicare tax tax base page 350