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Jun 2023
9m 26s

Understanding Employer's Responsibilitie...

Sandra Weitz MD
About this episode

Understanding your obligations surrounding employee taxes is crucial for operating a successful business, whether you're an employer or an aspiring entrepreneur. 

In this episode, we explore the four primary types of employee taxes: 
• Federal and State income tax

  • Withheld by employer
  • Employer responsible for submitting

• FICA

  • Funds Social Security and Medicare
  • Employer responsibility is 7.65%

• FUTA

  • Federal unemployment tax
  • Paid by employer to fund state unemployment programs

• State Unemployment tax

  • Based on employer payroll
  • And number of unemployment claims


As an employer, you're no stranger to the deductions made from your employees' paychecks. Being on the opposite side of the table, though, offers a whole different viewpoint on employee taxes. 

Given the difficulty and significance of correctly filing employee taxes, it is understandable that doing so might take a lot of time and effort. There are several choices that can help make life easier and guarantee compliance. The process can be streamlined by using payroll software, outsourcing human resources and payroll to HR companies or CPAs, or hiring a qualified practice manager. Always remember that it is strongly advised to visit a tax specialist or have someone educated about tax issues.

Remember, mastering employee taxes is a crucial aspect of running a successful business, ensuring compliance, and fostering a healthy employer-employee relationship. Join us on this insightful episode as we equip you with the knowledge and understanding necessary to navigate the intricate realm of employee taxes. 

Want to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com

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Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.

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