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Tagged: Taxes

Employment Taxes – What Are They?

Employment Careers

Employment Taxes – What Are They?

Employment Taxes – What Are They? If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes? Employment taxes include the following. 1. Federal income tax withholding 2. Social Security and Medicare taxes 3. Federal unemployment tax (FUTA). Federal Income Taxes/Social Security and Medicare Taxes You generally must withhold federal income tax from wages paid to an employee. Form W-4 is used to determine the specific amount, although most payroll services or your accountant...

Failure To Pay Employment Taxes – Penalties

Employment Careers

Failure To Pay Employment Taxes – Penalties

Failure To Pay Employment Taxes– Penalties As an employer, you must pay work taxes if you have workers. Fail to pay and the IRS will rain all over your parade. Penalties If you have staff members, you absolutely need to deduct and withhold various taxes from the paychecks of your staff members. Because you are subtracting cash from the worker’s paycheck, you are handling their funds. This truth is essential to the Internal Revenue Service and it positions fantastic emphasis on any failure to deposit work taxes. If you fail to pay work taxes, you will be subject to a...

Employment Taxes – Depositing With The IRS

Employment Careers

Employment Taxes – Depositing With The IRS

Work Taxes– Transferring With The IRS If your business has workers, you must pay employment taxes. The payment system can be a bit complicated, so this short article goes over how to go about transferring employment taxes with the Internal Revenue Service. Depositing Work Taxes To pay work taxes, you need to transfer the cash with the IRS. As is normal with tax scenarios, the payments are not in fact made to the IRS. Instead, you should deposit the work taxes with a federal depository. Moving the problem to the personal sector, the Internal Revenue Service requires most banks to...