12.2 Payroll Taxes
Required Tax Deposits
This subchapter is devoted to payroll taxes. Businesses must deduct a number of taxes from employee paychecks, including federal and state tax withholding as well as Social Security and Medicare. In addition, employers must make regular tax deposits and file returns. We provide guidance on what taxes you need to file and when.
Employers find out in a hurry that the responsibilities of tax withholding, reporting, paying, and tax return preparation is a significant task with many potential dangers. First and foremost, you must have adequate records, and payroll checks drawn should be entered into a cash disbursements journal.
SEE ALSO 6.4, “Cash ...