What is a payroll tax calculator?
A payroll tax calculator is an online calculator that helps you figure out the state and federal taxes you need to withhold or pay for your employees. You must withhold state and federal income taxes, social security and Medicare taxes. And, you have to match social security and Medicare, as well as pay state and federal unemployment tax.
Where can I find a free payroll tax calculator?
There are plenty of free payroll tax calculators out there. Here are a few you could use:
Why should I use a payroll tax calculator?
Employers should use a payroll tax calculator to determine the amount of state and federal taxes they must withhold on behalf of their employees. Also, this calculator is a handy reference tool to help figure out the amount of matching funds you will need to pay for social security and Medicare contributions. Calculators like this help you with payroll planning, to make sure you’re doing everything you’re required to do under state and federal law.
Employees may find this calculator useful in their personal financial planning efforts, to stay up on current tax rates and see how their withholding is broken down by type of tax and by payee (state, federal). Knowing precisely what is withheld from your paycheck and why can help you set personal income goals and ultimately make better decisions when it comes to tax and financial planning.
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