The responsibility for payroll taxes continues even after paychecks have been issued to employees. Companies are responsible for paying their portion of payroll taxes. These payroll taxes are an added expense over and above the expense of an employee’s gross pay. When you have employees, you as the employer have certain employment tax responsibilities that you must pay and forms you must file. Employers must deposit and report employment taxes. Employment taxes include the following: Federal Income Tax, Federal Unemployment Tax, Social Security and Medicare taxes. Employers also have requirements to file reports with various state and local agencies. Accurate and timely compliance is the key to avoiding payroll tax penalties.
For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.