2023 Payroll Tax Obligations

 

2023 Payroll Tax Obligations

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For Employees:

• Social Security: 6.2% of gross earnings

• Medicare: 1.45% of gross earnings

• Federal Income Tax: Determined by W-4 filing status

• State Income Tax: Determined by W-4 filing status

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For Employers:

• Social Security: 6.2% of gross earnings per employee

• Medicare: 1.45% of gross earnings per employee

• Federal Unemployment Tax: 0.6% on the first $7,000 earned by each employee annually (up to $42 per employee per year)

• State Unemployment Tax: Rates vary by state

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