Information for Employers regarding how and when deductions can be made.
Guam Employer Training Memo - Payroll Deductions
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Mandatory payroll deductionsFICA tax. Federal Insurance Contributions Act (FICA) tax is made up of Social Security and Medicare taxes.Federal income tax.State and local taxes.Garnishments.Health insurance premiums.Retirement plans.Life insurance premiums.Job-related expenses.
Mandatory Payroll Tax DeductionsFederal income tax withholding.Social Security & Medicare taxes also known as FICA taxes.State income tax withholding.Local tax withholdings such as city or county taxes, state disability or unemployment insurance.Court ordered child support payments.
There are three basic categories of deductions employers make from pay: legally required deductions, deductions for the employer's convenience and deductions for the employee's benefit.
You can deduct up to $5,250 (or an unlimited amount if the education is job related) of education reimbursements as an employee benefit expense. And you don't have to withhold income tax or pay payroll taxes on these reimbursements.
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.More items...?
What are payroll deductions?Income tax.Social security tax.401(k) contributions.Wage garnishments.Child support payments.
There are two types of payroll deductions: mandatory and voluntary.Mandatory payroll deductions are required by law, like federal and state income taxes.Voluntary payroll deductions, on the other hand, are payroll deductions your employees can elect to have, such as insurance or retirement plans.
Pre-tax deductions: Medical and dental benefits, 401(k) retirement plans (for federal and most state income taxes) and group-term life insurance. Mandatory deductions: Federal and state income tax, FICA taxes, and wage garnishments. Post-tax deductions: Garnishments, Roth IRA retirement plans and charitable donations.
Common itemized deductions include interest on a mortgage loan, unreimbursed healthcare costs, charitable contributions, and state and local taxes. Please consult a tax professional to determine whether a standard deduction or itemizing works for your financial situation.
Mandatory payroll deductionsFICA tax. Federal Insurance Contributions Act (FICA) tax is made up of Social Security and Medicare taxes.Federal income tax.State and local taxes.Garnishments.Health insurance premiums.Retirement plans.Life insurance premiums.Job-related expenses.
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