Payroll taxes

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Updated: 4/13/2007 6:35 pm
As an employer, it is your duty to collect a portion of each employee's income for social security and income taxes. Participation is mandatory. In addition, there may be state, local, and unemployment taxes to be deducted. These must be collected and sent to the appropriate agency, such as the I.R.S. or a bank. The money withheld from the employee's paycheck may be kept in the company's checking account for a brief time until the payment is due. This may create a deceptive checking account balance. You may be tempted to use the cash for a quick financial fix. However, if you do so, you may be subject to heavy fines and be held personally responsible for the repayment of the money. Proper handling of payroll taxes demands attention to detail and adherence to policy. For more information on payroll taxes, contact a qualified financial advisor.
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