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About Arthur Naman
Expertise
General accounting and bookkeeping questions. How to do monthly bookkeeping, how to prepare financial reports. How to reconcile accounts.

I cannot answer questions pertaining to pension or retirement planning.

This is not a forum to have homework answered. Please do your own homework.

Experience
30 years' experience doing tax and accounting work

Education/Credentials
MPA from Univ. of Texas at Austin, MBA Golden Gate Univ, San Francisco CA

You are here: Experts > People/Relationships > Retirement Planning > Accounting, Payroll & Pension Issues > payroll taxes

Accounting, Payroll & Pension Issues - payroll taxes

Expert: Arthur Naman - 10/12/2009

Question
I am starting a business. Will employ two, at total annual salary of $85,000. For my budgeting, what payroll and related taxes should I consider as expense please?

Answer
FICA and unemployment taxes are around 10% plus a bit for state unemployment taxes = 12% about.

You did not mention health insurance, any pension costs or other employee-related expenses.

At this moment I cannot think of anything else.

The employee's half of employment taxes and income taxes are withheld from employee wages and not the employer's expense.

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