Payroll Taxes
What 2 taxes make up FICA?
True or False
Gusto provides Payroll and Benefits to its Gustomers
True
The total amount of wages that are subject to taxes in a given time period:
Taxable wage base
What is the standard rate for Social Security?
6.2%
What is the tax rate for Social Security?
6.2%
True or False
Gusto is a payroll platform for big companies
A pay schedule that has a gap between the end of the pay period and when the employees are paid:
Arrears pay schedule
What is the standard rate for Medicare?
1.45%
What is the tax rate for Medicare?
1.45%
Reimbursements are taxable
False
The portion of the employee's gross wages that are taxable:
Subject wages
After surpassing $200,000.00 in wages for the year what is the total Medicare tax rate for employees
2.35%
What is a wage base?
The "base" or dollar amount that an EE needs to earn in order to stop paying a specific tax.
Wage base subject to change every year
Gusto is The ___ Platform
The People Platform
This is a nine-digit number assigned by the IRS to identify taxpayers who are required to file various business tax returns.
Employer Identification Number (EIN)
What is the name of the form that employers must file at the end of the year that reports the total amount of FUTA paid?
Form 940
What taxes are employers liable to pay through payroll?
Social Security, Medicare, Federal unemployment taxes (FUTA), State income taxes (SIT), State unemployment taxes (SUI or SUTA)
What is this Gusto's pig mascot's name?
Penny the Pig
Money paid to an employee before any taxes or pre-tax deductions are taken out:
Gross wages
What taxes are employees liable to pay through payroll?
Social Security, Federal income taxes (FIT), Medicare, State income taxes (SIT)