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Payroll Tax Overview Page

FICA: also known as Social Security and Medicare.

EMPLOYER: The employer social security tax rate is 6.2% taxed on the first $147,000 of an employee’s wages. The employer also pays Medicare tax at a rate of 1.45% on each employee’s wages with no limit. EMPLOYEE: The employee also pays social security at 6.2% on the first $147,000 of wages and 1.45% Medicare on wages with no limit.

Federal payroll taxes: include both the employer and the employee share of FICA as well as federal withholding. They are reported quarterly on Form 941. Federal tax deposits are required to be paid either on the 15th of the next month, or semi-weekly, depending on the size of the employer’s payroll. Penalties for late payments of federal payroll taxes are extremely harsh.

FUTA: also known as Federal Unemployment Tax.

EMPLOYER: The federal unemployment tax rate is .6% of the first $7,000 of wages. FUTA is paid quarterly (annually for small employers) and reported annually on Form 940.

SUTA: also known as State Unemployment Tax.

EMPLOYER: The state unemployment rate varies by employer. Employers without any unemployment claims pay less than other employers who have had employees claim unemployment. New businesses all start at the same rate. Maryland unemployment is taxed on the first $8,500 of wages. SUTA is paid and reported quarterly.