Rebekah Luellen recently earned a degree in business administration from Middle Tennessee University. Since 2015, Rebekah Luellen has carried out project management and human resources tasks for a successful construction company, including maintaining financial records and overseeing payroll.
Payroll management includes deducting obligatory expenses from an employee’s gross pay. Some common payroll withholdings include: FICA All employees are required to pay a percentage of their salaries toward the Medicare and Social Security programs, known as the FICA tax. For most employees, this amounts to 7.65 percent of their gross income. Insurance Many companies are required by law to provide their employees with health insurance. The premium for this coverage is usually paid through an automatic payroll deduction. Federal Tax In addition to FICA, employees are responsible for paying federal taxes on their income. The tax rate varies depending on the number the employee provided on their W-4 form. Having dependents and other factors can reduce federal tax obligations.
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