Question about Payroll
fobtoronto
Member Posts: 2
If I paid $680 a week, and after the deductions it's $520, why does the $680 get withdrawn from my acc? That $160 does that get returned to me? If so when? New to this
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fobtoronto
Member Posts: 2
If I paid $680 a week, and after the deductions it's $520, why does the $680 get withdrawn from my acc? That $160 does that get returned to me? If so when? New to this
Comments
@fobtoronto,
Because you are actually paying your employee 680 but the IRS and state require withholdings against wages. These withholdings are usually remitted once a month. It should actually be a little more because the employer needs to make a matching contribution of social security. In addition there is federal unemployment and state unemployment.