Our job takes taxes out of our pay check. What do they do with that money until tax time?

Question

My job takes money out of my paycheck for taxes(i work in NEw York) Now when is this money given to the IRS? Does my job put this money ina bank account that generates interest for themself until tax time comes around? If so i dont think thats right

Answer 1

Your employer submit the payroll deduction to the IRS, they don’t keep the money in the bank account. If they pay you weekly they have to submit the deductions weekly to IRS, if bi-weekly they submit bi-weekly.

Answer 2

No, that money is paid to the IRS on a regular basis. How often the company needs to make those payments depends upon how large their payroll was the previous year. The payments are made monthly or more often depending upon the total payroll the prior year.

Answer 3

It wouldn't be right if they could keep it for the year - and that's not how it works. Depending on the total amount they withhold from all employees, and the frequency of pay periods, they have to deposit it through a bank to the IRS weekly or at the longest, monthly.

Answer 4

The problem is not with the workers it is with the Americans hiring them, They come here because they know that an American will hire them. They would not even try to jump the fence if they knew that they could not get hired. We have been programed to hate the illegal worker but the illegal employer gets off Scott free that gave the workers the motivation to come here. Some day people will realize that corporations like the east Indies Company are back and they control the country not the people.

Answer 5

It is possible for them to do this however most companies put the money into an account which is set up to do nothing more than to write a check to the IRS 4 times a year.

Answer 6

They are required to pay it to the government on a regular basis. If they wouldn't take it out, you'd have to make a payment at least every three months.