Get Form Hw-3 Rev 2010 Employer's Annual Return And ... - Hawaii.gov - Taxhow

To calculate Social Security withholding, multiply your employee's gross pay for the current pay period by the current Social Security tax rate (6.2%). This is the amount you will deduct from your employee's paycheck and remit along with your payroll taxes.

Hawaii Payroll Taxes Social Security – 6.2% of each employee's pay. Medicare – 1.45% of each employee's pay. FUTA – 6% of the first $7,000 of each employee's pay.

All withholding taxpayers need to file returns quarterly (due April 15, July 15, October 15, and January 15) using Form HW-14. If changes need to be made to a return already submitted, please file an amended return for that filing period.

By placing a “0” on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period.

Penalties. Failure to do so will get the attention of the IRS and can result in civil and even criminal penalties. Sometimes the failure to pay is an oversight or a lack of understanding of what legal duties exist.

For employees, withholding is the amount of federal income tax withheld from your paycheck. The amount of income tax your employer withholds from your regular pay depends on two things: The amount you earn. The information you give your employer on Form W–4.