Legal Research Law

 

Subscribe

Share |

What kind of tax liabilities do I have to worry about in my business?

Failing to pay payroll taxes is a classic example of where many businesses get into trouble. As an employer, a business has the responsibility for withholding certain taxes from an employee's paycheck (for example, income tax withholdings, social security, federal and state unemployment and disability taxes). These amounts are not the employer's money and the employer is responsible for collecting them on behalf of the government. The IRS and other tax authorities are very unforgiving about failing to pay over these withholdings in a timely manner. In addition, the employer is responsible for the business's portion of social security and other payroll taxes that must also be paid on time. If the employer fails to pay in these taxes and withholdings, penalties can be assessed against the owners and/or managers of the business up to 100% percent of the amounts owed.

Legal Research Law FAQBack to Small Business FAQ   Legal Research Law FAQView all Legal Questions Answered-FAQ

Click here Legal Research Law Video Small Business Solutions: Business resources and eleven softwares all-in-one toolbox to help you protect and grow your business today. 

Legal Research Law VideoView all Small Business Videos  Legal Research Law ArticleView all Business Articles

Small Business Management Consultant And Legal Service Plans