According to the Office of Management and Budget, in 2014 Social Security, Medicare and other taxes contributed $1.023 trillion or 33.8% of total federal revenue.  Individual income taxes of $1.394 trillion or 46.1% were the largest source of total federal revenue.  From just these two figures alone, you can see how critically important the collection of employment tax is to the U.S. government.  This makes it just as important for small business owners to understand and comply with payroll tax regulations.  This article will introduce you the payroll taxes that are significant and provide insight on how your small business can meet specific standards that apply.