Payroll Taxes Corporate

Corporate Payroll Services

Considering payroll outsourcing? Murphy & Co. offers high-quality corporate payroll services to suit your business needs. As a corporation, you are required to withhold certain federal income taxes from your employees' paychecks.

"Who is FICA and why is he getting all my money?"

FICA is the Federal Insurance Contributions Act, which provides benefits to workers and their families, such as social security and Medicare. As a corporation, you pay an equal amount as is deducted from your employees' wages.

What does Social Security tax pay for?

Social Security goes towards your old-age pension, survivors & disability insurance.

What does Medicare tax pay for?

Medicare taxes go toward benefits under the hospital insurance portion of FICA

What is FUTA?

FUTA stands for the Federal Unemployment Tax Act. This is an additional deduction paid exclusively by the employer to protect its employees in the event of unemployment.

The above deductions apply only to employees, not independent contractors. Work-for-hire contractors pay their own taxes at the end of the year. You are not required to make any income tax deductions their behalf.

To find out if payroll outsourcing is right for your company, or to learn more about our corporate payroll services, call Murphy & Co. today at 508-238-5357.

Boston Accounting

You don’t need a Boston accountant. We serve the South Boston and South Shore areas. From Easton to the Cape to South Boston, Murphy & Company provide a complete range of accounting services and more cost effectively than most Boston accounting firms. With our expertise in restaurant accounting and law firm accounting, we have the specific accounting and tax knowledge you need to avoid audit disasters. Boston Accountant located in Easton, Massachusetts.