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Your employer must withhold and submit to the IRS your federal income tax withheld and your portion of Social Security (FICA) and Medicare taxes withheld. Your employer is also responsible for paying state and federal unemployment taxes (SUTA and FUTA).
Your employer must give you a Form W-2, Wage and Tax Statement, showing your salary and any payroll deductions for the year (examples: Federal Income Tax, health insurance, etc.).
You may only deduct work-related expenses when they exceed two percent of your adjusted gross income, and you itemize your deductions on Schedule A.
Colorado Business Development Foundation
info@coloradobdf.org
www.coloradobdf.org
Small Business Navigator Hotline: 303-592-5920
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