Information for Employers regarding how and when deductions can be made.
Colorado Employer Training Memo - Payroll Deductions
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How to fill out Employer Training Memo - Payroll Deductions?
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FAQ
Mandatory payroll deductions are the wages that are withheld from your paycheck to meet income tax and other required obligations. Voluntary payroll deductions are the payments you make to retirement plan contributions, health and life insurance premiums, savings programs and before-tax health savings plans.
The FICA taxes consist of two separate taxes for Social Security and Medicare. Employees and employers both contribute to these federal payroll tax deductions, with each ponying up 6.2% for Social Security taxes and 1.45% for Medicare taxes.
Employers can only deduct money for training courses if it was agreed in the contract or in writing beforehand. For example, an employer could ask someone to agree in writing before a training course to pay back costs if they leave within 6 months.
Thankfully, the answer is yes: on line 12 of Form 1120S, you are able to deduct the sum total of payroll tax expense (Social Security, Medicare, and Unemployment).
The law on wage deductionsTaking money from wages without consent or contractual provision can result in a claim for unlawful deduction of wages, even if the individual has been employed for less than two years.
Employers can only deduct money for training courses if it was agreed in the contract or in writing beforehand. For example, an employer could ask someone to agree in writing before a training course to pay back costs if they leave within 6 months.
Some mandatory payroll tax deductions that employers are required by law to withhold from an employee's paycheck include: Federal income tax withholding. Social Security & Medicare taxes also known as FICA taxes. State income tax withholding.
By law, your employer is permitted to deduct wages for taxes for state and federal income, social security, and state disability insurance obligations. You can control how much is deducted by claiming allowances on a W4.
The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total. Combined, the FICA tax rate is 15.3% of the employee's wages.
Mandatory deductions: Federal and state income tax, FICA taxes, and wage garnishments. Post-tax deductions: Garnishments, Roth IRA retirement plans and charitable donations. Voluntary deductions: Life insurance, job-related expenses and retirement plans.
