I was recently sent this infographic which shows you where payroll taxes go. This is pretty good information to have. Personally I am a sole proprietor and don’t have any employees so it isn’t relevant to me in my business. But I also have a day job where payroll taxes are taken out. It’s good info to have.
For any small business owners out there just starting out this is vital information. You certainly don’t want to mess up your employee’s paycheck and you certainly don’t want to cross the IRS…I’ve heard they can be a smidge difficult.
Anyway, check out the graphic below and head over to the Surepayroll blog to read the original article.