Sure, we can look at things like overhead, the cost of parking, how much you pay for benefit programs etc.  But even if you don’t have any of those things – you do have payroll.  And that means payroll taxes.  And there’s more to payroll taxes than income tax.

But there are a number of other taxes that apply.  Some paid by the employer, some split between the company and the employee.  In this episode, we’ll cover everything you need to know about payroll taxes.

Taxes Cheat Sheet:

Social Security

• Split between Employer / Employee
•  6.2% of wages
• Up to $147K wages

Medicare

•  Split between Employer / Employee
• 1.45% of wages
• No maximum

FUTA

• Employer Paid
• Federal Unemployment
• Usually between 5.4% up to 6%
• Up to $7K in wages

SUTA

• (rates determined by state)

Invitation

Use the link below to learn more and become an Idomeneo insider. You’ll get info to help you unleash your team’s engagement, protect your people investment, and grow your leadership muscle.  I can’t wait to continue the conversation.

https://idomeneoinc.com/welcome/