I wanted to know, for on every paystub, we could see that we pay the SS, Fed, State, ect. Do companies pay them every pay cycle or is it end of month, or end of year..? Can they keep the money first until certain of time then submit it to SS, Fed, State, ect ? Thank you.,.,.
2007-06-02 18:02:50 · 7 answers · asked by rey s 1 in Business & Finance ➔ Taxes ➔ United States
Only the smallest employers are allowed to pay the payroll taxes quarterly. Depending on the size of the payroll, employers must deposit Social Security and Medicare taxes monthly, semi-weekly, or even on a next day basis.
Severe penalties are imposed for not paying these taxes on time as described in IRS Circular E.
http://www.irs.gov/publications/p15/ar02.html#d0e1690
2007-06-02 19:26:44 · answer #1 · answered by ninasgramma 7 · 2⤊ 0⤋
The deposit cycle depends upon the size of the gross tax liability. Deposits are made on a monthly or semi-weekly schedule. At any time the total liability from any pay period exceeds $100,000, the deposit must be made the next banking day.
2007-06-02 19:42:41 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
First I would call the Department of Labor and they will definitely help you. I would also call payroll and ask why are they not submitting your money in time to the Insurance company. I would also call the Insurance company as well and find out what they have received so far. The department of Labor is your best bet. Good Luck!
2016-05-19 22:53:11 · answer #3 · answered by ? 3 · 0⤊ 0⤋
With my job its semi weekly and we have a total of 20 employees. Our payroll every pay period was around $12,000. I hope that helps you. It is different depending on the size of the business. The smaller the business, the longer time they have to pay it.
2007-06-04 02:35:02 · answer #4 · answered by Anthony Will Jr. 2 · 0⤊ 0⤋
The company has a very short time frame to remit federal taxes to the government. I don't think there is a specific number of days, but generally it has to be as soon as the company is reasonably able to determine the amount to remit. It is usually only a matter of days. You can get into alot of trouble with the government for holding on to employee taxes.
2007-06-02 18:21:54 · answer #5 · answered by jamie5987 4 · 0⤊ 1⤋
Monthly
2007-06-06 03:01:58 · answer #6 · answered by TXBLKGRL 3 · 0⤊ 0⤋
It is usually monthly or quarterly depending on how much the payroll (gross wages) is per pay cycle.
2007-06-02 18:43:11 · answer #7 · answered by Mark S 5 · 1⤊ 1⤋