Like sales taxes, some employment taxes are collected, reported, and paid. In this case, the taxes are paid to the IRS and the Social Security Administration.
Employment taxes are those paid by the owner of a business for several types of taxes based on the gross pay of employees. These include FICA taxes (for Social Security and Medicare), federal and state unemployment, and federal and state workers compensation taxes.
Some of these taxes (unemployment tax, for example) aren’t collected from employees, and they must be paid completely by the employer.
Due to COVID-19 and the CARES Act, that was signed into law on March 27, 2020! Employers can delay paying their portion of taxes until 2021-2022.
Need help filing your business taxes or doing payroll or computing payroll taxes? Need a payroll company? Contact Brewer Financial Firm, LLC at 706-221-5171 and ask for Monica Brewer – The Financial Expert!