how to process a manual payroll check. what are the current deduction rates for taxes?
415172
For Federal stuff, it's easy.  Just look up the amounts in the Circular E from the IRS for this year.\n\nhttp://www.irs.gov/pub/irs-pdf/p15.pdf\n\nIn case you don't see it, you have to withhold 6.2% for OASDi and 1.4% for Medicare as well so long as they have not met the wage based limit for 2006 yet.\n\nFor State taxes, you'll have to look and find out what taxes you need to withhold, and at what rate.
1020704
The percentage is determined by the number of deductions you chose on W-4. Talk to your payroll person at your company and find out.
1175469
what's the money being deducted for
210973
$86.00 per check, that's the federal tax. State tax will be less depending on which state you live in. Some states like FL and TN and some others don't have state tax. Also don't forget your SSI and medicare which together are 7.65% of the 767.25
74737
Small to Medium sized businesses can use either a small local payroll processing company, or one of the big 2 payroll processors, ADP or Paychex.\n\nWhile there will always be a more personal touch with smaller businesses, the larger companies have failsafe disaster recovery plans, and have a much easier time abating tax penalties for their customers.\nAlso, ADP takes you to a call center, while Paychex gives you an assigned account rep, so there is that "down-home" feel. Your mileage may vary, but I certainly wouldn't want to take on the IRS because my local "Mom and Pop" went under halfway through the year.
378147
All tax details should be clearly printed on your pay slip.  But you can work this out yourself quite easily.  Everyone has a "Personal allowance" of £4,895 per year and is tax free.  The next £2,090 per year is taxed at 10%, then the next £30,310 at 22%.  Any annual earnings over £32,400 is taxed at 40%.  You also have National Insurance Contributions to deduct. You are allowed to deduct some items such as pension contributions etc. and other items may be added to your annual earnings such as benefits you may receive.  So your situation may be more complicated, but the above formula is a rough guide.  Most people pay basic rate tax at 22%.  If you find the above complicated, you should ask your payroll department at your work to explain it to you.  They work these things out all the time, and I am sure they would be pleased to help you, or otherwise ring your local tax office:  if you get a helpful person they may be willing to chat it through with you.
726757
No there is no free payroll package unless you download\nthe taxtables from the federal and state websites and\nthen use it in excel to accurately calculate the taxes to\nwithhold from employees.\n\nIt would be a HUGE mess... Pay $125 - $200 and get a \ntax table and free updates from Quick books or some \nother payroll company..\n\nPayroll processing companies will do your payroll for \nyou, but their charges are HUGE - approx $4 - 5 K per year\nThats approx $350 per month to have someone else\ndo your payroll and pay your taxes on time...\nHeck - I'll do the job for $350 pr month.
1178937
From the book "422 Tax Deduction for Businesses and Self Employed Individuals" http://www.amazon.com/exec/obidos/ASIN/0917510240/powerhomebizguid by Bernard Kamoroff, here are some of the items you can deduct:\n\naccountant fees\naccident insurance\nadvances paid to contractors, vendors\nadvertising and promotional expenses \nalarm systems \nair fare (deductible if certain requirements are met - business expense)\nallowance for bad debts\nanswering service fee\nappraisal fees\nassessments of local governments for repair (not construction) of streets, water lines, etc\nassociation dues, including community service organizations such as Rotary\nATM fees for withdrawing money of the business\nattorneys\naudits \nautomobiles used for business\nawards to employees\n\nThat's just for Letter A. There are a LOT more you can deduct. I suggest you get a copy of this book to help guide you and make sure you are maximizing your tax deductions.
583445
I am a CPA working with realtors.\nYou can deduct auto expenses (per mile or actual expenses, but not both), fees paid to broker, advertising, office supplies, meals with clients (at 50%), telephone, internet, depreciation of office equipment and furniture, professional licensing fees, continuing education fees, insurance (not health), contract labor and / or salaries paid to employees, interest on business credit cards or loans, legal / accounting fees, office expenses, rent or lease payments for office or equipment, repairs and maintenence of business assets, supplies, taxes paid (personal property or other business taxes), travel, utilites paid, postage.\nThe list could be endless.  If you are really unsure of how to proceed, contact a professional who could make it a lot less painful.  The state you reside in is also a factor.
979298
Why don't you ask your local payroll office.  There should be a number on your pay slip.
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http://search.irs.gov/web/query.html?col=allirs&charset=utf-8&qp=&qs=-Wct%3A%22Internal+Revenue+Manual%22&qc=&qm=0&rf=0&oq=&qt=1099g
823292
contat the irs at www.irs.gov and your state tax people. they have the tax charts and can tell you how much should be taken out.
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I have found the following website to be low cost & useful for a standard w2, in my experience:\n\nhttp://www.taxslayer.com
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Theoretically, if you properly fill out the worksheet on a W-4 (Withholding Certificate), the exact amount of tax--no more and no less--will be deducted.  However, it never works out that way.\n\nIf you're concerned about underpaying your taxes, you can file a form 1040ES, Estimated Tax.  It helps you determine what you expect to earn in the coming year to more accurately estimate your tax liability.  While this form is most often used by individuals running their own business, it is something to consider.\n\nAs for your state, it would depend on the one in which you live.
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If you want to outsource your payroll, you can use any number of payroll services.  The company I work for specializes in that.  You can find information at www.timeplus.com or ddix@timeplus.com\n\nIf you want to do it yourself you can find a great tax calculator at www.payroll-taxes.com.  Just remember that you'll have to make the deposits on time to the IRS & state, file both quarterly and annual returns, and distribute W-2's etc. at the end of the year. And if you haven't already, you'll need state and federal reporting id numbers.\n\nSometimes it's worth it to pay the ~$1,000 to $1,300 not to have to deal with all that.  it's up to you.
328840
Well, make certain you check this with your tax professional because mine has always said this is only for specific types of items such as an automobile.\n\nIt was certainly not my intention to insult anyone, I thought I was making a light joke. I apologize if I hurt your feelings.\n\nBut I do know in the past that we had asked about deducting sales taxes at H & R and were told that this had very strict limitations. She could have been wrong because they use a lot of temp help around tax time. Conversely, there is a person who asked a question because they now owe an additional $4400.00 to the IRS because of mistakes.\n\nThat really was all I meant.
340171
If they are employees, you will need to determine what their "average" monthly or annual pay is.  Then, using the tax charts from the IRS, you can determine how much should be withheld.  You will also need to check your state tax rates, as well.  What matters most is that the correct amount is deducted by the end of your reporting period, whether that is weekly, monthly, quarterly or yearly.\nIf they are commission only, can you classify them as independent contractors?  If you can, then you won't have to deduct anything at all--you pay the full commission and they are responsible for setting aside and paying their taxes.