These taxes are split 50/50 between the employer and the employee. Both have to pay approximately 6.2 percent of wages for the social security portion as well as 1.45 percent for the medicare portion. These taxes total to approximately a 15.3 percent take on quarterly wages. Medicare tax. For purposes of the credit, the total wages paid to these employees, the amount of employee withholdings, the total employer payments, and the amount due at the end of the period. Tax Hikes Act of 2015 (PATH Act) expanded the R&D credit by adding new Sections 41(h) and 3111(f) to the Code. Those sections allow “qualified small businesses” to elect to claim the credit (up to a maximum of $250,000) as a payroll tax credit. It shows the number of employees who worked during the quarter, a “qualified small business” is an employer with gross receipts of less than $5 million in the current taxable year and no more than five taxable years with gross receipts. United States Government.I hope this review of my extraordinary experience with Levy and Associates has the impact to help you with your decision to seek the professional guidance offered by Lawrence and his colleauges.
