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Key Elements of Payroll Maryland

Every aspect of small business management has a lexicon of terms. Payroll is no exception. Regardless of the payroll solution you choose, it is important to understand these terms so you can manage your provider effectively.

Local Companies

Professional Payroll Plus
410-820-7658
406-b Marvel Ct.
Easton, MD
Mary Kraft Staffing & H.R. Solutions
410-296-0655
1447 York Road
Lutherville, MD
TimePlus Payroll - DC/MD/VA
240-780-9175 x501
13017 Wisteria Drive #441
Germantown, MD
PrimePay
302-377-3863
3700 Koppers Street
Baltimore, MD
Gyde Communications
(301) 839-1500
6009 Oxon Hill Rd
Oxon Hill, MD
Ministries In Action Inc
(301) 577-7686
5327 85th Ave
New Carrollton, MD
Kol Haruach Band
(301) 441-8899
5213 Mineola Rd
College Park, MD
Divine Images Networks Inc
(301) 316-3600
4400 Stamp Rd
Temple Hills, MD
Integral Consulting Inc
(410) 573-1982
2661 Riva Rd
Annapolis, MD
Robert Half Management Resources
(410) 385-2070
100 E Pratt St
Baltimore, MD



Every aspect of small business management has a lexicon of terms. Payroll is no exception. Regardless of the payroll solution you choose, it is important to understand these terms so you can manage your provider effectively.

Payroll Taxes

Employers are required to pay taxes on the services that are offered to and provided by their employees. The bulk of these taxes are commonly referred to as "payroll taxes" and consist of:
  • Income tax: The Federal government, most states, and some local governments require employers to withhold income tax from their employees' pay.

  • Social Security and Medicare: Sometimes referred to as FICA (Federal Insurance Contributions Act). Employers are required to withhold and deposit these taxes from employees' paychecks, and also make matching contributions.

  • Unemployment tax: Employers pay Federal Unemployment Tax (FUTA) to the unemployment insurance system. The amount owed is based on the business' total employee wages. Many states also have their own unemployment taxes.
Tax Deposit Accounts

Employers are required to deposit income tax and FICA withholdings to an authorized financial institution or Federal Reserve Bank. Most businesses are required to make monthly deposits, although some contribute on a semi-weekly basis. Your contributions are deposited through electronic deposits or through Federal Tax Deposit (FTD) coupons. Check with the IRS to determine which payment schedule and deposit method is required of your business.



Cafeteria Plans

Cafeteria plans, also called "flexible benefit" plans, allow employees to set aside pre-tax dollars to pay for certain benefits such as medical and dependent care assistance. These plans can be beneficial for both employers and employees: employers who carry such plans will pay less FICA and FUTA taxes, and employees will pay less FICA taxes because their amount of taxable income is reduced. Additional benefits that may be offered as part of a cafeteria plan include group life insurance and disability insurance.



Additional Items

Depending on the benefits you offer employees, your company may also need to track the following items as part of payroll management:

  • Insurance and other benefits: Health coverage, dental insurance, life insurance and other benefits to which employees may contribute.

  • Profit-sharing plans: Stock option or equity plans offered to employees.

  • 401(k) programs: Pre-tax dollars set aside by employees and employers for retirement purposes.

  • Education benefits: Company-sponsored training and/or degree advancement.

Featured Local Company

Professional Payroll Plus

Let us show you how we provide "the personal service you deserve." Give us a call, we're here to help.

410-820-7658
406-b Marvel Ct.
Easton, MD
professionalpayrollplus.com

"The Personal Service You Deserve"
Complete Payroll & Bookkeeping Services
For a minimal monthly cost, you can simplify and ease any and all payroll & bookkeeping concerns. All provided in secure, efficient, accurate, & personal manner.
If you are spending more time dealing with payroll & bookkeeping issues than searching for new ways to grow your business & profits, or if you find that this could be more beneficial than your current setup, give us a call. We're here to help.

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