As an employer, it’s your responsibility to withhold, deposit, report, and pay federal employment taxes for your employees. Generally, the federal employment tax is made up of federal income tax; the Federal Insurance Contributions Act (FICA), also known as the Social Security and Medicare tax); and the Federal Unemployment Tax Act (FUTA), which is the unemployment tax. It might be hard to believe that failing to withhold, deposit, report, or pay these taxes can result in harsh penalties including potential criminal liability, huge fines, and possible jail time. Here’s a list of potential penalties your business could suffer if you fail to follow federal tax laws. 4. If the IRS sends you a notice stating that you owe federal employment taxes and you pay the deposit directly to the IRS within ten days of the notice, you’ll be charged a 10 percent penalty. 9. If you don’t withhold income and FICA taxes as you are required to do, or if you withhold the taxes but don’t pay them to the IRS, the IRS is authorized to penalize you up to 100 percent of the taxes owing. 14. If you are the person responsible for withholding, collecting, accounting for, and paying the federal employment taxes and you willfully sign or submit a document that you know contains false statements, you are guilty of a felony and could face a financial penalty and imprisonment for years. Utah Business AttorneyWhen you need legal help from a Utah Business Lawyer, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
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Top Attorneys In Utah Taylorsville The post Penalties For Violating Federal Employment Tax Rules first appeared on Michael Anderson. via Michael Anderson https://www.ascentlawfirm.com/penalties-for-violating-federal-employment-tax-rules/
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