Welcome to payroll taxes Guide
Human Resources Payroll Payroll Taxes Receivable Payable Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
Learning About Payroll Taxes and Personal Liability
from:Did you know that you can get in a lot of trouble if you don’t do your taxes right? This is the case for both individuals and companies. When you are an individual, you need to not only do your taxes each year, but you also need to pay the right money to the government. If you don’t do it right, then you could get in a lot of trouble with the Internal Revenue Service. This could mean hefty fines or even jail time depending on how bad what you did was.
For companies, there is payroll taxes and personal liability that needs to be accounted for. When you have employees working for you, you need to handle the payroll taxes. Not only is this money that you withhold from your employee’s paychecks, but it is also money that you pay the government from your company’s own money. These need to be paid so that you can handle the payroll taxes and personal liability.
Just like with individual income taxes, companies will get in a lot of trouble if they don’t do their taxes right. When it comes to payroll taxes and personal liability, it depends on how you incorporated your business. if you only have a few employees and you didn’t start your company properly, then you will end up responsible if you do your taxes wrong. Instead of going after your company, the government and IRS will be going after you instead. There are several things that you can do in order to prevent this payroll taxes and personal liability so that you don’t get hurt in the end.
The first thing that you should do is make sure that your company would be responsible if something bad happened instead of you. This can be done by contacting an accountant or other kind of similar business professional such as a lawyer. They will tell you what forms you need to fill out so that you can protect yourself from payroll taxes and personal liability.
Another thing you’ll need to do is make sure that you are doing your payroll taxes correctly. Make your employees fill out W-4 forms so that you know how much should be taken out of their paychecks. You should also be paying some of the taxes with the company’s money. Make sure that it’s the right amount and that it gets to the IRS on time.
If you do everything right, you can take the liability away from you as the owner of the company and leave it to the company itself. That way, if something bad happens, you won’t go to jail.
Human Resources Payroll Payroll Taxes Receivable Payable News
Michaels Stores, Inc. Reports Record First Quarter Results
IRVING, TX-- - Michaels Stores, Inc. today reported unaudited financial results for the first quarter ended April 28, 2012.Same-store sales increased 1.5% driven by a 2.5% increase in transactions, partly ...
Read more...Insperity First Quarter EPS Increases 64% to $0.54
Insperity, Inc. , a leading provider of human resources and business performance solutions for America’s best businesses, today reported first quarter net income of $13.9 million, a 58.0% increase over the $8.8 million earned in the 2011 period.
Read more...Enerflex Reports First Quarter 2012 Financial Results and Announces Quarterly Dividend
CALGARY, ALBERTA-- - Enerflex Ltd. , a leading supplier of products and services to the global energy industry, today reported its financial and operating results for the three months ended March 31, 2012. Financial Highlights ...
Read more...Gentium Reports First Quarter Financial Results
VILLA GUARDIA (COMO), Italy -- Gentium S.p.A. (the "Company") today reported financial results for the quarter ended March 31, 2012. The Company reports its financial and operating results using ...
Read more...LeapFrog Reports First Quarter 2012 Net Sales Increased 81%
EMERYVILLE, Calif., May 3, 2012 /PRNewswire/ -- LeapFrog Enterprises, Inc. (LF) today announced financial results for the first quarter ended March 31, 2012.(Logo: http://photos.prnewswire.com/prnh/20090219/LFLOGO ...
Read more...