If you live in New Jersey, you will be withholding different payroll taxes than if you were having employees that worked in another state like Maine or Georgia. Although the FICA and federal taxes will be the same, the state taxes won’t be. They vary from state to state and depend on a lot of different factors. If you run your business out of New Jersey, then you will need to know about the New Jersey payroll taxes so that you know how much to withhold from your employee’s pay.
It’s very important to take the right amount of money out of an employee’s paycheck for New Jersey payroll taxes. The main reason that this is the case is because you could get in a lot of trouble with the United States government. The Internal Revenue Service, who is also called the IRS for short, is in charge of the taxes that come in and out of the government during tax time. if they notice that you did something wrong, they will let you know by arresting you or charging your company a lot of money in fees. This is serious business, so you should make sure that you are handling your New Jersey payroll taxes right.