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Being an manager, you must pay employment taxes if you've employees. Fail to pay and the IRS will rain all over your celebration.

Charges

If you've employees, you absolutely must deduct and withhold different fees from the salaries of your employees. Because you're subtracting money from the employees paycheck, you are handling their funds. This simple truth is very important to the IRS and great emphasis is placed by it on any failure to deposit employment taxes.

You will be susceptible to a completely penalty, if you neglect to pay employment taxes. Yes, 100 percent. the trust fund recovery penalty penalty as, the penalty is considered against the person responsible for paying the fees, not the enterprise. The person could possibly be the operator, corporate officer or other responsible person. Simply speaking, a small business enterprise isn't likely to defend you from the wrath of the IRS.

Late Payments

Income crunches are an inevitable function for virtually every company. Therefore, what are the results if you make a late fee for employment taxes. Unless you can show a reason for the delay, the IRS is going to penalize you.

Late payment charges range in amount with respect to the delay. If the delay is less than six times, the penalty is two percent. Delay for six to 15 days and you are looking at five %. More than 15 days in delay will force the penalty to 15 percent. If you delay this long, the IRS is going to be peppering you with fee notices telling you where you stand.

In Conclusion

Whatever you do, make sure you deposit employment taxes with the IRS in a timely fashion. Take the time to think about the worst thing you've ever heard done by the IRS. Those things taken by the IRS will be ten times worse, if you fail to pay employment taxes and you'll function as the one telling horror stories. a guide to how to find a job