I am trying to calculate the average amount of payroll taxes for the employer share for my boss who is purchasing an additional business which will increase his staff to 12 people. Please advise if I am missing any taxes with the exception of local, city, taxes and if I have calculated the average correctly.
Place of Business: Maryland 12 employees with an average rate of $13.79 $13.79 x 40 hours = $551.66/week $551.66 x 52 weeks = $2868/year $2868 x 12 employees = $344,198 $344,198 x 7.65 (FICA/SS) = $26331 State UTA $56 maximum/employee/year Federal UTA $250 maximum/employee/year 12 employees x $56 = $672 12 employees x $250 = $2400 Total Tax Responsibility Employer Portion Average/Estimate FICA/SS $26331 SUTA $ 672 FUTA $ 2400 Total $29,403 Is my calculation correct and / or am I missing any other major tax responsibility for the employer? I realize this is just an average/estimate. I just want to give him an idea of the approximate amount.
I am trying to calculate the average amount of payroll taxes for the employer share for my boss who is purchasing an additional business which will increase his staff to 12 people. Please advise if I am missing any taxes with the exception of local, city, taxes and if I have calculated the average correctly.
Place of Business: Maryland
12 employees with an average rate of $13.79
$13.79 x 40 hours = $551.66/week
$551.66 x 52 weeks = $2868/year
$2868 x 12 employees = $344,198
$344,198 x 7.65 (FICA/SS) = $26331
State UTA $56 maximum/employee/year
Federal UTA $250 maximum/employee/year
12 employees x $56 = $672
12 employees x $250 = $2400
Total Tax Responsibility Employer Portion Average/Estimate
FICA/SS $26331
SUTA $ 672
FUTA $ 2400
Total $29,403
Is my calculation correct and / or am I missing any other major tax responsibility for the employer? I realize this is just an average/estimate. I just want to give him an idea of the approximate amount.
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