Hi all,
The busiest months of payroll are gone, I can dedicate some time back to this blog, I’ll try to update it regularly.
I’ve created a summary page for you and I hope you find this useful. 2008 TAX SUMMARY RATES AND LIMITS
| TAX RATE | EMPLOYEE PAYS | EMPLOYER PAYS | WAGE LIMIT | |
| FEDERAL UNEMPLOYMENT (FUTA) | 0.8% | NO | YES | $7000 |
| SOCIAL SECURITY (FICA) | 6.2% | YES | YES | $102,000 |
| MEDICARE | 1.45% | YES | YES | NO MAX |
| PERSONAL INCOME TAX | VARIES | YES | NO | NO MAX |
| STATE UNEMPLOYMENT (SUI)*** | VARIES | NO/YES | YES | VARIES |
Notes***State Unemployment Insurance (SUI)- In a few states, the employees are required to pay the SUI tax. Please check your state for more details. If you need more information about a specific state, you may want to check with your state .
February 20, 2008 at 10:29 am
I would like to know more abt the compensation provided by the business to its employees…..would u pls share ur knowledge on that ?
February 20, 2008 at 10:49 am
And i wud also like to know the role of employee in managing payroll…
Does employees have to check mark the boxes in w2 form for the taxes thar are applied to him/her according to factors like allowances, martial status, etc. ?
if not than according to my knowledge the employee only can see the payroll records, nothing else…
March 14, 2008 at 3:03 pm
Using the 86.67 method how do you calculate a 70 hr. Consider the 24 pay periods.