Nevada has it all. It’s got O. It’s got Incline Village. It’s got the Biggest Little City in the World. But whether you own the trendiest bar in Tahoe or the hippest coffee shop on The Strip, as a small business owner, you care about something that Nevada doesn’t have: state income tax. When you calculate payroll for your employees, you’ve got one less thing to worry about.
Our payroll calculator simplifies the payroll process, so you can spend more time focusing on growing your small business and less time pulling your hair out. Simply enter wage and W-4 information for each employee, and our calculator will process your gross pay, net pay, and any federal deductions.
First and foremost, let’s walk through a summary of federal payroll taxes that all of your employees have to pay, no matter which state they live in. If you would like to see each step in detail, check out the step-by-step guide that we created just for you.
Note that if you pay your state unemployment tax in full and on time, you are eligible to receive a 5.4% tax credit , bringing your effective FUTA tax rate down to 0.6%. It’s a 90% savings!
None! Nada! Zilch! Nevada has no state income taxes. But you knew this already.
As an employer, you have to pay the state’s unemployment insurance. For 2019, Nevada unemployment insurance rates range from 0.25% to 5.40% with a taxable wage base of up to $31,200 per employee per year.
If you’re starting a new small business (congratulations!), you should use 3.0%.
And if you’re liable to pay unemployment insurance, you’re also liable to pay the modified business tax . It is a quarterly payroll tax that you have to pay if your total gross wages less employee health care benefits are $62,500 or more in a quarter. The tax rate is 1.475% if you own a general business, but financial institutions pay a higher rate.
Calculate each employee’s net pay, cut those checks (or transfer those direct deposits, whatever suits your employees’ fancy), and make sure you have enough left in your own account to cover FICA and UI taxes.
You will need to use Form 941 to file federal taxes quarterly, and Form 940 to report your annual FUTA tax. You can pay taxes online using the EFTPS payment system. More details about employment tax due dates can be found here.
If that wasn’t enough for you, here are a couple more resources that can help you understand Nevada payroll a little better:
Nevada Unemployment Insurance (888) 890-8211 | Register Your Business