Payroll Tax Problems – Killer IRS Advice
Payroll Tax Problems – Get Some Insight From The Killer IRS CPA.
Many people have tax problems concerning payroll taxes. Paying payroll taxes requires that you:
- Know who your employees are
- Know when to withhold and how much
- Know when to remit the funds and file the returns
What are Payroll Taxes?
When you pay employees, you must withhold federal income taxes, state and local income taxes (if your area has these taxes), social security, medicare, disability and/or unemployment taxes (in a few states only), and other non-tax deductions (medical, retirement, uniforms, etc.). You as an employer are responsible for paying the withheld taxes.
My Payroll Tax Deposits Exceed $50,000
If your payroll tax deposits exceed $50,000 per year, you are required to deposit the taxes within 3 business days of each payroll, and must make tax deposits electronically (so the government can get its cash faster). When applying for electronic deposit, you should select the debit method (not the credit method) to give you more control over the payments and cut bank costs.
How To Solve Your Payroll Tax Problems?
When you are delinquent with payroll taxes, that’s when the REAL tax problems start. Please See Our Payroll Taxes Page for more information on how to handle your current IRS Payroll Tax problems.