QuickBooks expert Frank Ellis has published the most recent payroll tax rates for the 2016, 2017 season in a recently launched Maxmoneyzone.org article. The author discusses Social Security and Medicare taxes. The current payroll tax rate for Social Security tax is now 6.2% for employees and employers. That adds up to 12.4% that goes to the government. Medicare tax, Ellis says, is 1.45% for the employee and the employer.
The article goes on to detail what FICA is made up of. It then goes on to identify the wage base limit of Social Security tax in 2016. There is no limit for Medicare taxes. The author also says that employees earning over a certain amount will receive a refund based on their Social Security taxes. That’s if the employer doesn’t remove related withholdings in excess of those earnings.
A payroll tax rates video is embedded, and explains how to use Intuit QuickBooks in this capacity. Ellis explains that all wages are subject to Medicare taxes for the current tax season. An employer is required to withhold additional tax for Medicare if employees earn over a certain amount. The author reveals these values and says the employer does not have to match the added Medicare tax if it is required.
Lastly, the article concludes by saying the most current payroll tax rates are included in the QuickBooks free trial period online. Taxpayers don’t have to memorize the amounts. A link to the tool is provided and Ellis ends by saying taxes can add up, but the penalties for making mistakes cost more.
To learn more about 2016, 2017 tax rates, go to http://maxmoneyzone.org/payroll-tax-rates-2016-2017/
About Frank Ellis
Frank Ellis is a small business QuickBooks expert and published author. He is a graduate of the University of Michigan with a Major in Accounting and has worked for various high profile accounting firms, to include KPMG in the Cayman Islands. He has written accounting, tax and finance related articles for over 10 years and has published over 800 articles on the Internet.
Frank Ellis, MBA
Maximum Money Zone, LLC.
Address: 123 Napa Ridge Way, Naples, FL 34119
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