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Get your taxes done using TurboTax
The employer portion of Social Security is 6.2% and Medicare is 1.45% which combined are FICA taxes and the employee pays 7.65% FICA and the employer matches it. Federal unemployment tax (FUTA) is .6% of the first $7,000 of payroll. I can't speak to the rate of your State unemployment (generally labeled SUI) because each state assigns each business a specific rate based on its own measurements.
So, your example of $24,000 salary would result in $1,488 Social Security, $348 Medicare, and $42 FUTA.
You should have already had these amounts though, because your payroll tax returns and payments were due to be filed by 01/31/23. You may want to look for a payroll service or business tax professional in your area to help you out.
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March 1, 2023
7:57 AM