Calculating S.Security & Empoyment Taxes

Discussion in 'Business Operations' started by jeffreyl94, Nov 3, 2008.

  1. jeffreyl94

    jeffreyl94 LawnSite Member
    from NH
    Posts: 19

    I am working on a business plan and I am trying to calculate the rate I should apply in my spreadsheet to compensate for each man hour. For example if I pay an employee $12 per hour, how much more is it really going to cost me per hour on taxes? Is there a rough percentage that I can use? I imagine each state is different, I am in NH. Any help is appreciated.
     
  2. mngrassguy

    mngrassguy LawnSite Silver Member
    Posts: 2,167

    About $24.00/hour here in Mn. That includes State/Fed unemployment insurance, ect
     
  3. CLARK LAWN

    CLARK LAWN LawnSite Silver Member
    Posts: 2,526

    SSI is 12.4% you pay half employee pays half and medicare is 2.9% same thing half and half. as for state and fed taxes that depends on the number of exemptions they claim if you go to the irs website you will beable to print off a chart for taxes.
     

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