Withholding Taxes: How to Calculate Payroll Withholding Tax Using the Percentage Method There are multiple ways to calculate withholding taxes. One way is by using the Percentage Method. To begin using the Percentage Method, you must have the employees W-4 form. The employees W-4 form will outline how many allowances the employee is claiming. This information is always necessary when calculating withholding taxes. Your first step is to determine your payperiod, whether you are paying on a weekly, biweekly, or monthly basis. You will then multiply one withholding allowance for your payroll period by the number of allowances indicated on the employee's W-4 form. Next, you will subtract this amount from the employees wages. You will then go to Publication 15, pages 43-44 and use the Percentage Method Withholding Tables to determine the amount of withholding taxes for your employee. Please make sure that you are using the correct IRS table, the correct pay period section and the correct marital status column. All of these steps are outlined in the above video with two very detailed step by step examples.
Views: 122230 Karin Hutchinson
Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/taxes-topic/taxes/v/calculating-state-taxes-and-take-home-pay?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/taxes-topic/taxes/v/tax-brackets-and-progressive-taxation?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Benjamin Franklin (and several other writers/philosophers) tells us that "In this world nothing can be said to be certain, except death and taxes." He's right. This tutorial focus on personal income tax. Very important to watch if you ever plan on earning money (some of which the government will take for itself). About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 145427 Khan Academy
Welcome to 2018 Payroll in Excel - What's happening to my Paycheck edition! The video shows a Semi-Monthly Payer paycheck and withholding formulas. A Weekly Version coming soon. visit http://www.kenbraverman.com/payroll-in-excel-2018-whats-going-on-with-my-paycheck/
Views: 10889 Ken Braverman
The calculation of the federal income tax FIT is one to the most confusing payroll taxes for multiple reasons. One is that it is easy to get the federal income tax FIT payroll tax mixed up with the corporate federal income tax. FIT for payroll taxes is paid based on employee wages. The other reason Federal Income Tax withholdings FIT withholdings are are difficult is because they are based on a progressive tax, one where the rates increase as income increases. The progress income tax used for federal income tax FIT withholdings requires the use of tables to calculate the tax. To fine the proper withholding on the table we need the allowances, marital status, and pay periods. For more accounting information see website. http://accountinginstruction.info/courses/
Views: 618 Accounting Instruction, Help, & How To
Federal unemployment tax or FUTA is a payroll tax that is paid by the employer only. In other words the payroll tax is based on employee wages but is not withheld from employee pay but taken form the employer. Employer only payroll taxes are often less understood because most people have less experience with them as employees. FUTA payroll tax can also be confusing because it has a low cap of $7,000 at this time. In other words the employer pays FUTA tax on the first $7,000 of each employee earning and then stops paying FUTA after the employee has reached the 7,000 cap. The other confusing thing about FUTA is that the rate is tied to Statue Unemployment Tax or SUTA. In other words, the FUTA tax rate is less if the state has SUTA that the employer must pay. Just about every state does have SUTS so companies generally pay the lower FUTA rate. The FUTA tax is a kind of flat tax, or even rate up to the 7,000 cap. For more accounting information see website. http://accountinginstruction.info/courses/
Views: 717 Accounting Instruction, Help, & How To
This screen recording demonstrates computation and journalizing of employer tax liabilities.
Views: 34585 MrsDePriestSHS
Tutorial for calculating payroll taxes and deductions in Canada. Includes instructions on how to use the free HelpSME.com payroll calculator. Download it at: http://helpsme.com/tools/free-canadian-payroll-tax-deductions-calculator
Views: 54202 HelpSMEvideo
Tax help Today http://tinyurl.com/taxreturn21. payroll taxes calculator Helping you get a 2000$ return this year or more. The IRS Estimates 10 Million Americans Fail To File Their Tax Returns Every Year, payroll taxes calculator. Resulting In Wage Garnishment, Bank Levies- Even Prosecution And Jail Time! Step-by-step Guide Reveals How To Solve Unfiled Taxes And Avoid High Legal And Accounting Fees.payroll taxes calculator lets save today.
Views: 153 dr Smith
FREE Course! Click: https://www.teachucomp.com/free Learn about payroll taxes in accounting at www.teachUcomp.com. A clip from Mastering Accounting Made Easy. http://www.teachucomp.com/free - the most comprehensive Introductory Accounting tutorial available. Visit us today!
Views: 25464 TeachUComp
Tax help, http://tinyurl.com/taxhelp21 Get the most out of your takes this year. We will help you get back a min of 2000$ on your return. calculate payroll taxes and earn back money this year, why would you want to pay the government anymore taxes this year. Arent you tired of this every year, You make so little and the government still wants to take more and more from you. calculate payroll taxes is easy and you can for sure get a 2000$ return this year hands down.
Views: 67 dr Smith
https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #52 / Payroll / Employer taxes / Employer FICA match / Accounting 101. We stayed on the topic of Payroll in this video. But we changed hats to think of weekly payroll in the eyes of the employer instead of the employee as we did in the last video. The employer has to mach the employees Social Security and Medicare and give to the Tax man . The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 12270 CPA Strength
http://banksconsultancy.com.au [Tidbit of the Day] Today we'll discover payroll tax calculations. Watch the video to find out... ------------ Video Highlights: 0:08 - Tidbit of the day 0:18 - Payroll tax threshold - payroll tax rate of 5.45% 0:29 - Monthly threshold calculation - no. of days/month divided by no. of days/year multiplied by threshold ------------ Watch this video on Youtube: http://www.youtube.com/watch?v=_Vh6ar9ezvo Leave a comment about this video and remember to subscribe to our channel! ------------- Be sure to like us on Facebook as well: http://facebook.com/banksconsultancy
Views: 59 Banks Consultancy
See a demonstration of how to do a paycheck checkup using the IRS Withholding Calculator. To give it a try yourself, go to https://www.irs.gov/withholding #PaycheckCheckup #TaxReform #IRS
Views: 10123 IRSvideos
Social security tax calculations focusing on the employee side for social security. We will calculate social security in the payroll register. Social security is closer to a flat tax in that we have a fixed rate we multiply time wages. Social security does a cap however, meaning we stop calculating social security taxes after an employee has reached the cap. Social security has an employee and employer portion. For more accounting information see accounting instruction website. http://accountinginstruction.info/courses/
Views: 448 Accounting Instruction, Help, & How To
Self Employed Tax Calculator, Calculate Self Employment Tax Deductions 2012, 2013 http://www.harborfinancialonline.com/
Views: 56225 HarborFinancial
Payroll Tax: Social Security Taxes Social Security taxes are paid by the employee and the employer. As the employer, you will withhold 6.2% from your employee's paycheck for social security tax payments. You will them remit these payments on a monthly or semiweekly basis. Your company is also responsible for the other half of the social security payment (6.2%). The total social security payment is 12.4% of the employee's gross taxable wages. You are responsible for half and you employee is responsible for the other half. The social security is also part of FICA taxes. FICA taxes represents the medicare tax and social security tax.
Views: 9819 Karin Hutchinson
This video has basics of Income Tax calculations with detailed example based on FY 2016-17 tax calculations - help you how to calculate Income Tax Most of us have no clue on how and what basis income tax is calculated on our income. We blindly believe on our company's Finance department or our tax consultant and do not even check the calculations. So, in this video, we have tried to simplify how Income tax is calculated on your income. Income tax assessment comprises of following stages: -Computation of total income. -Deducting valid deductions. -Determination of the tax payable thereon. -Paying the tax. -Filling Income Tax Return Form Find us on Social Media and stay connected: Facebook Page - https://www.facebook.com/InvestYadnya Facebook Group - https://goo.gl/y57Qcr Twitter - https://www.twitter.com/InvestYadnya
Views: 147709 Yadnya Investment Academy
Namaskar Dosto. Is video me hum dekhenge ki kaise aapke income tax kocalculate karna hai aur is sal ke naye income tax slab ki b bat krenge iske sath sath hum tax renate kibat krenge jaha pe bhut se logo ko confusion hai. Isme jo salary ki batki gyi hai wosare deduction ko hatane k bad ki hai jaise isme 80c jaise deductions include nhi hai . To umeed hai dosto aapko videopasand ayega Mutual fund, Banking aur Finance ke bare me aur jan ne ke lie SUBSCRIBE kijiye. Facebook: https://www.facebook.com/MARKETMAESTROO For any BUSINESS INQUIRY - [email protected]
Views: 1268242 Market Maestroo
Federal Withholding: Calculating an Employee's Federal Withholding by Using the Wage Bracket Method When determining an employee's federal withholding, you may use the wage bracket method and the IRS withholding tables. You must begin by analyzing the employee's W-4 form. The W-4 form designates how many allowances the employee wishes to claim. IRS Publication contains the Wage Bracket Method Withholding Tables. Use the withholding tables that best fit your employee's pay period, marital status and number of allowances. The wage bracket method is the simpler of the two methods when determining your employee's federal withholding amount. The video above walks through two examples step-by-step so that you will have a very clear understanding of the process used determining how much to withhold from your employee's paycheck.
Views: 13604 Karin Hutchinson
Estimated Taxes and Self Employment Tax tips from Jeffrey Bellamy, an enrolled agent at OIC Tax Services. - How to calculate estimated taxes. - 100% rule - 90% rule What is Self-Employment Tax? - Both halves of S.S. and Medicare - 15.3% of your check. For more information: https://bbb.org http://www.oictax.com/
Views: 11649 Sacramento Better Business Bureau
Medicare is a type of payroll tax that employers need to calculate when processing payroll Medicare has both an employee and employer portion. In other words, employers will need to deduct Medicare taxes from employee wages when calculating net wages. The rate is currently 1.45% of gross wages. Unlike social security Medicare does not have an upper cap where taxes stop being calculated on wages. The employer will also have to pay 1.45% out of business profits as well. For more accounting information see accounting website. http://accountinginstruction.info/
Views: 506 Accounting Instruction, Help, & How To
This screen recording demonstrates the steps in calculating total earnings and also the calculation of federal income tax, social security tax, and medicare tax. These concepts were demonstrated through the completion of Work Together 12-1 & 12-2
Views: 43321 MrsDePriestSHS
This screen recording demonstrates how to calculate total earnings for an hourly employee and how to determine federal income tax, social security tax and medicare tax withholdings.
Views: 4662 MrsDePriestSHS
Paymycheck Calc► Calculate Payroll Taxes from our paymycheck Payroll Tax Calculator is complete payroll calculating software, you can calculate federal and state taxes and this software is package for small- and mid-sized businesses which maximize payroll processing productivity and enhance profits.
Views: 1251 mudiam1
Our payroll excel template is easy to use with features such as: All payroll automatically feeds to your monthly SO2 and yearly return form You only need to enter the amount worked, the template will do the rest Comes with two different beautiful payroll design Payroll can be customize for weekly,fortnighly or yearly extra special features such as one click print
Views: 1739 George Henry
"How Do You Calculate Employer Payroll Taxes? Watch more videos for more knowledge Calculating Payroll Tax - www.TaxTV.com - YouTube https://www.youtube.com/watch/RcFz-exbeNM How Do You Figure Out Payroll Taxes? - YouTube https://www.youtube.com/watch/7Hh0a_mNco4 Work Together 13-2 Calculating employer Payroll ... https://www.youtube.com/watch/wQof5vA9tk4 Accounting Basics: Lesson 13 - Payroll Taxes for ... https://www.youtube.com/watch/BXNBawBBeGY What are Payroll Taxes - YouTube https://www.youtube.com/watch/kyHFyyufNvM Employer Payroll Tax Threshold Calculation - YouTube https://www.youtube.com/watch/5s2cm2sNk9U Withholding Taxes: How to Calculate Payroll ... https://www.youtube.com/watch/VkmlfgHvlHU Employer Payroll Tax Calculator 2014 California ... https://www.youtube.com/watch/s3FolBXEPsk Chapter 12 - Calculating Total Earnings and ... https://www.youtube.com/watch/l_4KZ7EDN0w How Do You Figure 941 Taxes? - YouTube https://www.youtube.com/watch/W8VHOpdHVkM Payroll Tax: Social Security Taxes - YouTube https://www.youtube.com/watch/rQmHzaWZ0tc How to Withhold Payroll Taxes - YouTube https://www.youtube.com/watch/7nBkWMLRdiI Free payroll tax, paycheck calculator - YouTube https://www.youtube.com/watch/55ETLz4pLbI paycheck and payroll tax calculation - YouTube https://www.youtube.com/watch/5Ok-pLiysfw Using the Income Withholding Calculator - YouTube https://www.youtube.com/watch/3HJrpg1pnTk Calculating federal taxes and take home pay ... https://www.youtube.com/watch/DtCfOMl3qo0 Payroll tax wages webinar (FY 2016-17) - YouTube https://www.youtube.com/watch/fMfoI_bTpcM Professional Management Tips : Understanding ... https://www.youtube.com/watch/A6RobHXRcMI Chapter 13 Recording Employer Payroll Taxes ... https://www.youtube.com/watch/Aw0ma-1QOEc Medicare Tax Calculation - How to Calculate ... https://www.youtube.com/watch/puDdEwu14ls"
Views: 51 Tip Tip 3
for more information, visit: http://www.wraithstrider.com Philippines, How , Calculate, Salary, Withholding Tax, SSS, Social Security System, Pag-ibig, HDMF, Home Development Mutual Fund, Philhealth, Contribution, Overtime Pay, Night Differential, Holiday Pay, Tax Status, Meal Allowance, Taxi Allowance, COLA, Cost of Living Allowance, Tax Shielded Allowance, Absences, Tardiness Undertime, Deductions, SSS Contribution, SSS Table, Pag-ibig Contribution, Pag-ibig Table, Philhealth Contribution, Philhealth Table, Net Pay, Payslip, Sweldo, Trabaho, Sahod
Views: 19428 wraithstrider
Payroll taxes are federal, state and local taxes withheld from an employee's paycheck by the employer. These taxes consist of income taxes as well as Social Security and Medicare taxes, the latter two often referred to as "the payroll tax."
Views: 48 SurePayroll Inc.
READ MORE: http://www.adamhagerman.com/how-to-use-irs-tax-withholding-calculator/ Do you receive a large tax refund each year? Are you afraid that you'll owe taxes this year? Use the IRS Tax Withholding Calculator to estimate your current year tax liability and compare it to your current withholding pattern. The calculator will provide you with recommendations on how to change your withholding to get these numbers close.
Views: 9539 Adam Hagerman
Call Toll Free for more information: 877-626-1838 Regardless of the capacity your organization is, if you wish to broaden, you will need to handle your affairs wisely. Therefore keeping tabs on all of your financial assets, and also to your staff who job for you, there's nothing more significant than you keeping them sufficient pay out on the reliable schedule. You need to keep in mind to take out taxes, maintain records data up-to-date as well as pay bonuses. Payroll software program offers an easy approach to organize everything you need to stay in business. Payroll Software for Small and Medium Businesses When we're thinking about establishing the payroll paycheck solution to the company size, having sufficient funds in a payroll account is among the greatest concerns for small businesses, whether or not the business itself does not generate almost any profits, employees must nevertheless be recompensed as per the conditions and terms within their agreement of employment with regard to their services, furthermore any deductions made in line with legal requirements has to be remitted to the relevant government/HMRC body when needed. intuit full service payroll review Intuit provides the best payroll portal and is enough to fulfill all of your business needs regarding payroll and tax calculations. Intuit Create unlimited paychecks instantly, Calculate payroll taxes automatically and works with or without QuickBooks. Call Toll Free for more information: 877-626-1838 Employer Payroll Tax Calculator 2014 California http://youtu.be/s3FolBXEPsk
Views: 5663 Elizabeth Hardin
This 6 minute video uses the text's Practice Set B problem 3-4 (1st scenario) from Payroll Accounting, 3rd edition, by Weinstein, to explain how to calculate federal tax withholding using the percentage method. In this example, the employee has a deduction which reduces the taxable pay.
Views: 3907 Sharon O'Reilly
In today’s episode, I’m going to give you some insights into the world of taxes so that you can make the type of personal financial decisions that help you pay just what you need to and not more. If you have any questions after watching my video, make sure to leave them in the comment section below! Update: There is a calculation error at 1:19. It should be $44,718 with tax of 9,167.19 (at 20.5%) for total taxes of $15,959.19 and an average tax rate of 17.7% (74,040.81 leftover after taxes). ---------------------------------------------------- Visit PWL Capital: https://goo.gl/uPcXg7 Follow PWL Capital on: - Twitter: https://twitter.com/PWL_Capital - Facebook: https://www.facebook.com/PWLCapital - LinkedIN: https://www.linkedin.com/company/pwl-capital Follow Susan Daley on - Twitter: https://twitter.com/_SusanDaley - LinkedIN: https://linkedin.com/in/daleysusan
Views: 60927 Susan Daley
How to use the google spreadsheet to calculate your monthly income if you are self-employed for child support and alimony purposes under the Oklahoma guidelines. The link to the spreadsheet is: https://docs.google.com/spreadsheet/ccc?key=0AlCDvTZZQ7YIdHBwc3JJZzIxSmxpMzU4SWhYdkR2U0E&usp=sharing
Views: 4786 Evan Taylor
The payroll tax journal entry is often overlooked and misunderstood, partially because the payroll journal entry is so complicated. When processing payroll we have two major components. We need to record employee payroll and related withholdings and we need to record the employer payroll taxes. The payroll journal entry can be generated from the payroll register. The employer taxes will then need to be calculated and recorded. The employer taxes include employer social security, employer Medicare, Federal Unemployment Tax FUTA and SUTA. We will record the taxes as liabilities at the time payroll is run and we will then pay off these amounts in a future date. The debit will go to payroll tax expense. Not that payroll tax expense does not include employee payroll taxes. For more accounting information see website. http://accountinginstruction.info/courses/
Views: 457 Accounting Instruction, Help, & How To
Lesson thirteen explores the cost of payroll taxes on the firm. The cost of Social Security, Medicare, and state and federal unemployment taxes that employers must pay on behalf of their employees are calculated and discussed. Handout - https://drive.google.com/file/d/0B4R_gW1fpAXZOWY3MWU0OTYtMGQ3ZS00ZDNiLTg1MGEtY2YxMjkyY2U4OTcw/edit?usp=sharing Transcript - https://drive.google.com/file/d/0B4R_gW1fpAXZYmFmNTgzNDItNmRmMC00OGE4LThhZWItYmM3NGRhMzk3NjQ4/edit?usp=sharing
Views: 14712 Charlotte Houke
http://banksconsultancy.com [Tidbit of the Day] Inside this video you discover ------------ Video Highlights: ------------ Watch this video on Youtube: Leave a comment about this video... Remember to subscribe to our channel! ------------- Be sure to like us on Facebook as well: http://facebook.com/banksconsultancy
Views: 19 Banks Consultancy