If you have a business, you withhold taxes from your employee's paychecks every pay period for income tax, federal and/or state, based on exemptions claimed by the employee, and FICA contributions for Medicare and Social Security, a fraction of your employee's gross earnings that needs to be partially or fully matched by you. With a federal deposit form, the money you withhold is deposited to a bank accredited to accept federal taxes.

Entrepreneurs need to pay the taxes to the IRS, either monthly or quarterly, depending on the size of your payroll. What's basically going on here is that your business is a collecting agent for the government. Until payment to the IRS is made, your employee's taxes are entrusted to you.

Business owners are required to submit:

• Form 941 or Employer's Quarterly Federal Tax Return reports FICA and employee's federal income tax withheld the last 3 months, and is submitted quarterly.
• Form 940 or Employer's Annual Federal Unemployment Tax Return reports your total quarterly payroll tax deposit, the amount that determines federal unemployment tax that must be paid by the business, not the employees, and is submitted once a year.

Some business are neglectful in paying and filing employment taxes, according to the IRS. Businesses that haven't paid taxes are illegally borrowing money from the U.S. If you have tax debt, revenue officers can close your business and seize assets.

Pay Uncle Sam first - make paying your taxes a priority to minimize your business' payroll tax problems. You might consider utilizing a bonded payroll tax service. They will file and do your payroll tax deposits. The penalty for late forms or late payments are shouldered by the tax service.

Please feel free to contact us at getirshelp.com or by all means call us tollfree at (888) GETMISH 438-6474 We're here to help with all of your problems with the IRS! It's not your fault so call us now!

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