Social Security tax

Medicare tax

Federal income tax

State income tax

$142,800

$128,400

$118,500

$106,800

$2,900

$2,700

$2,500

$2,300

Health insurance

401(k) contributions

Dental insurance

Unemployment insurance

To calculate an employee's federal income tax withholding

To calculate an employee's Social Security tax withholding

To calculate an employee's Medicare tax withholding

To calculate an employee's state income tax withholding

To report an employee's wages and withholdings to the IRS

To report an employee's wages and withholdings to the Social Security Administration

To report an employee's wages and withholdings to the Medicare agency

To report an employee's wages and withholdings to the state tax agency

January 31

February 28

March 31

April 15

$50 per day

$100 per day

$200 per day

$300 per day

Withholding payroll taxes from employees' paychecks

Depositing payroll taxes with the IRS

Filing payroll tax returns with the IRS

Paying payroll taxes to the IRS

To fund Social Security and Medicare benefits

To fund unemployment benefits

To fund workers' compensation benefits

To fund health insurance benefits

6.2%

7.65%

9.35%

12.4%

Social Security tax holiday

Medicare tax holiday

Federal income tax holiday

State income tax holiday

To reduce an employer's payroll tax liability

To increase an employer's payroll tax liability

To reduce an employee's payroll tax liability

To increase an employee's payroll tax liability

Work opportunity tax credit

Earned income tax credit

Child tax credit

Research and development tax credit

To report an employer's quarterly payroll tax liability

To report an employee's annual wages and withholdings

To report an employer's annual payroll tax liability

To report an employee's quarterly wages and withholdings