Payroll Taxes 941 Attorney
When choosing between IRS tax lawyers it is important to know all the ins and outs about taxes. This includes everything from trust fund recovery penalty to what the most common payroll taxes are. Unfortunately if you have become complaisant or forgetful about paying your taxes you could end up in a lot of trouble. Payroll Tax Attorneys are key in helping clients not only resolve issue but also determine the best settlements to ensure clients do not lose their rights, business and in turn: their livelihood.
The IRS and the state take tax issues very seriously and there are a number of implications for those who ignore their tax duties. Some of these include: losing your business, receiving a Trust Fund Recovery Penalty (this is imposed on people with a duty to collect/pay business taxes and who choose to not do so), losing the right to challenge the assessment of the business taxes and having the IRS seize your personal assets.
Payroll Taxes- the Most Common Ones
Before going into some of the most common payroll taxes, it is important to note what they are. Payroll taxes are legal requirements for both employers and employees. These taxes are calculated every pay check and withheld by the employer. This also includes the taxes that the employer deposits from their own personal funds (this may either be a fixed sum of money or a percentage of the employee earnings). Below is a list of some of the most common payroll taxes:
- Standard Withholding refers back to the original sum of money that is taken at every pay check. This sum can be adjusted by simply completing a W-4 Form with the employer and choosing the amount of withholding allowances they would like to like to claim. The sum of money that is withheld for tax purposes should equate to the overall sum of money owed for taxes at the end of every tax year. Employees also have the opportunity to pay slightly more tax in order to receive a larger tax rebate every year.
- Federal Insurance Contribution Act (FICA) taxes are slightly different. They are the taxes that contribute towards federal Social Security and Medicare programs. It is the employer’s duty to withhold 7.65% of the first $62,700 of the employees’ income towards FICA taxes. This number is then matched by the employer to bring the sum up to 15.3%. If the person in question is self-employed, they are required to pay the full 15.3 % of the FICA taxes.
- Federal Unemployment Tax (FUTA) contributes towards a fund for those having lost their jobs in recent times. FUTA is 1% of the first $7,000 of an employees wage and is deducted by the employer to the Federal and State Government. This sum is not deducted from a person’s salary.
Strategic Tax Defense can help!
If you do become dangerously behind on paying your taxes and are not sure how to move forwards it is crucial to get expert advice from your local IRS tax lawyers. Our IRS tax lawyers at Strategic Tax Defense have years of training and professional experience. Their aim is to always resolve issues as quickly as they possibly can. Our expert Franchise Tax Board Attorneys and Board of Equalization Tax Lawyers can help you take the right steps towards avoiding a Trust Fund Recovery Penalty.
At Strategic Tax Defense we have a team of payroll tax lawyers that can make every tax related issue that little bit easier. We work with you to ensure you have the best possible track record. Whether you have simply fallen behind with your taxes or have delinquent filings against you we can help you get out of a sticky situation as quickly as possible.
Our uniquely tailored services will ensure a rapid recovery from any tax traumas and will allow you to get your business back on track. Call us today to book your free payroll tax issue analysis at 310-883-7930 or toll free at 1-888-868-1616. On the other hand, you can also pick up the phone today to speak to one of ourPayroll Tax Attorneys to find out more about payroll tax laws in your state and get a better grasp of everything tax related!