Florida Taxes Guide
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Overview of Florida Employment Tax
Florida employment tax pays for an employee’s Social Security and Medicare requirements. Both employers and employees pay Florida employment tax. There are other employer-related taxes that companies must pay as well.
Florida employment lawyers can offer you business-friendly legal advice if you have additional questions. Otherwise, keep reading below for more information about Florida employment taxes.
Payroll Tax Rate
Florida’s payroll tax rate is six percent on an employee’s first $7,000. Both parties pay six percent each.
Business Tax Rate
Florida’s business tax rates are 5.5 percent for corporations. However, some entities receive exemptions on employer-related taxes.
Federal Employment Tax vs. Florida Employment Tax
Federal tax and state tax are levied at the same rate. However, employers pay federal employment tax to the IRS and local employment taxes to Florida’s Department of Revenue. Ensure you discuss your situation with Florida employment lawyers to prevent legal issues from arising.
Compliance with Florida Employment Tax
Florida employment tax compliance also requires employers to pay a reemployment tax into the unemployment compensation fund. The state uses this money to provide unemployment benefits to qualified individuals.
Here’s an article about the reemployment tax in Florida.
Employment Tax Calculator
A Florida payroll tax calculator helps you estimate and prepay your employment taxes. The amount of employment tax that you pay depends on numerous factors since taxes are not always clear.
Here’s a web page with a payroll tax calculator to help you get it right
Filing & Paying
Filing and paying Florida employment taxes is necessary to stay compliant with the IRS and the Department of Revenue. Otherwise, your business could face penalties.
Forms that you must complete include:
- Employer’s quarterly report
- Employers account change form
- Report of new hires
Florida employers must also register for unemployment insurance tax online or via fax with the Florida Business Tax Application form. There’s no registration fee.
Other Business Taxes
There are extensive business taxes in Florida. However, not all taxes apply to every entity, industry, or structure.
Depending upon your situation, other Florida business taxes may include:
- FUTA taxes
- FICA taxes
- Social security tax
- Medicare tax
- Reemployment tax
Here’s another article about Florida’s reemployment tax for clarity.
Florida tax lawyers can help you address more specific questions on issues, such as leveraging deductions and tax cuts. Speak with them first to avoid making costly legal mistakes that affect you in the future.
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Meet some of our Tax Lawyers
Erdal T.
Erdal Turnacioglu of Erdal Employment Law focuses on providing employment solutions to both employees and businesses, whether through litigation, review of employee handbooks, workplace investigations, or training seminars.
"Erdal was a pleasure to work with. He was quick to respond to any questions or concerns I had."
Charlton M.
Charlton Messer helps businesses and their owners with general counsel and contract drafting services. He has helped over 500 businesses with their legal needs across a variety of industries in nearly a decade of practice.
"I am so happy with my decision to hire Charlton. Not only was he responsive and timely, he laid everything out for me in terms that I could understand. I would recommend him to anyone and will be working with him for all of my future needs!"
Dan "Dragan" I.
I received a bachelor’s degree in philosophy from Northwestern University in 1996 and then got my JD at University of Illinois College of Law in 1999. I have been a lawyer helping people with legal issues in the United States and Internationally since then. That includes drafting and reviewing contracts. I am also passionate about helping small and medium businesses with trademark registration and trademark-related legal projects. The law can be confusing and complicated for people, and I am passionate about providing professional legal services to my clients while simultaneously making the legal process less confusing and stressful for them. My goal is to help clients navigate through both good and difficult times by tailoring my skills, experience, and services to their specific needs.
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Hi there. My practice focuses on several aspects of business law, including business entity formation and organizational documents, trademark and copyright, tax disputes, and contracts. I work with quite a few creative entrepreneurs, such as photographers, artists, and musicians.
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I am a New Mexico licensed attorney with many years of world experience in real estate, transactional law, social security disability law, immigration law, consumer law, and estate planning.
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