Updated: July 25, 2022 Show Around 2.3 million small business owners are making a living in Florida. Whether you’re selling flamingo t-shirts to tourists, pressing the best Cuban sandwich in Miami, or helping snowbirds with their estate planning there’s one thing you’ve got to get right: payroll taxes. This paycheck calculator can help you do the math for all your employee and employer payroll taxes (and free you up to do what you do best). Here’s how it works. Simply enter wage and W-4 information for each employee. Our calculator will figure out your gross pay, net pay, and deductions for both Florida and Federal taxes. See Florida tax rates Federal Payroll TaxesWhile a 0% state income tax is saving you from some calculations, you are still responsible for implementing federal payroll taxes. Luckily, our Florida payroll calculator is here to assist with calculating your federal withholding and any additional contributions your business is responsible for. Here’s a quick overview of what you need to know when you’re calculating federal payroll taxes. If you would like to see each step in detail, you can click here to read our step-by-step federal income tax guide.
Florida Payroll TaxesYou already know that the State of Florida charges 0% income tax. And even better, no cities within Florida charge a local income tax. All of which means less work for you. However, this doesn’t mean you’re in the clear, because you still have to pay State Unemployment Insurance, AKA Reemployment Tax.
Now Cut Those Checks!First, pay your employees. Then, it’s time to celebrate. Pop open a bottle of bubbly. Take a bite of that chocolate bar. Sing “Celebration” the whole way home. Splash around the Atlantic. Whatever it is you need to do to celebrate, do it because you’ve just mastered payroll taxes! Disclaimer: Make sure you’ve set aside the amount your company needs to pay in federal taxes: FICA and UI are not your friends if you let those bills pile up. Federal tax filings are due through Forms 940 (annually) and 941 (quarterly), but deposits can be made on an ongoing basis through the EFTPS payment system. You can learn about the IRS tax due dates here. Additional Florida Payroll Tax Resources:Though our calculator can do most of the work, here are some helpful links to further your understanding of payroll in Florida. Florida Department of Revenue: (800) 352-3671 | Register as an Employer: Form DR-1 | Information for Businesses and Employers | Reemployment Tax |