Per Diem Rates from the U.S. General Services Administration
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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").
What Are Withholding Taxes
Anyone who has ever received a paycheck knows there are taxes withheld from their gross pay. These taxes are referred to as withholding taxes and generally include:
- Federal income taxes
- Social Security taxes
- Medicare taxes
- State income taxes.
State Income Taxes
Most states have a personal income tax. However, seven states do not have a personal income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income.
Don't Mess Up on Trust Fund Taxes!
Federal income taxes, social security, and Medicare taxes withheld from employees' wages are called trust fund taxes becuase you hold them in trust until you turn them over the the U.S. Treasury.
There have been many cases where a small business owner withheld these taxes from employees' paychecks and simply kept them for himself and never turning them over the the U.S Treasury. A very dumb move!
Failure to withhold and remit trust fund taxes to the U.S. Treasury can result in stiff penalties and even criminal prosecution if you knowingly and intentionally did not turn these taxes over the the Fed.
The Trust Fund Recovery Penalty:
The Trust Fund Recovery Penalty is 100% of the tax due! And get this, not only can the business owner be held liable for these taxes, other people responsible for handling the business's payroll, such as the bookkeeper, can also be held liable for nonpayment of trust fund taxes.
Best advice: Use a payroll service. You'll sleep a lot better.
Using a Payroll Service is Smart and Inexpensive
If you have employees, using a payroll service is one of the smartest and cheapest things you can do to protect yourself and eliminate the hours that go into payroll processing, reporting, a tax compliance. Not to mention the proparation and issuance of paychecks.