7 Important Things to Know About Payroll Taxes

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7 Important Things to Know About Payroll Taxes
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• If youre a new employer and arent familiar with
  all of the terms and taxes applicable to payroll,
  worry not, and definitely dont panic.
• Imposed on employers by state and federal
  governments and used to finance social insurance
  programs, employers pay payroll tax on behalf of
  their employees, and eventually collect the
  amount by making deductions from the salaries or
  wages of their employees.

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• Its important to recognize however, that if you
  outsource your payroll requirements to a third
  party, theres absolutely no need for you to know
  any more than the basics about payroll taxes. You
  can simply sit back and relax, safe in the
  knowledge that your employees will be paid
  properly and youll be paying all necessary
  payroll taxes to the IRS, on time and in full.
  IRS penalties for failing to pay the appropriate
  taxes on time and in full, are no joke, and its
  worth investing in the services of a tax
  professional if only to keep you on the right
  side of the IRS.

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• Even if you plan to outsource your tax
  requirements, it can be helpful to have a basic
  understanding of payroll taxes as an employer,
  and here are 7 things you should probably know
• 1. As a small business owner, you are the most
  likely to find yourself the target of increased
  tax compliance enforcement
• 2. When it comes to your payroll taxes, there is
  no higher authority to answer to than the IRS,
  who have been known to carry out some highly
  aggressive tactics for collecting what theyre
  owed. In some instances, failure to address past
  due payroll taxes, could result in you losing
  your business

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• 3. Business owners can get themselves into
  significant debt due to payroll tax penalties,
  and dramatically increase your total tax bill
• 4. Failure to file or pay your payroll taxes is a
  federal crime
• 5. Its illegal to borrow from payroll taxes,
  making it against the law for small and medium
  sized businesses to use any money collected from
  payroll taxes to pay their operating expenses
• 6. If payroll taxes are owed, the IRS have the
  power to pursue individual business owners, in
  ways that other creditors simply cannot.

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• 7. If you owe payroll taxes and are audited, you
  should seek help from a tax professional
  immediately. It isnt worth representing yourself
  before the IRS, instead, hire a CPA and let them
  handle the matter on your behalf.
• While failing to pay your payroll taxes is a
  serious matter, it wont be a matter for you to
  concern yourself with if you hire an accounting
  service to help you. Handling everything related
  to your companys taxes, theyll ensure that the
  IRS never become a problem. Ultimately, this
  could save you not just stress and worry, but
  money, and if you need help with your payroll
  taxes as an employer, schedule a consultation
  with an accounting firm at the earliest.

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• Apollo Payroll is dedicated to delivering expert
  advice, responsive service, and highly accurate
  payroll processing and reporting to ensure the
  success and growth of the business that we serve.
  Our services include comprehensive payroll
  services in Homestead and other cities in
  Miami-Dade County, employee background check and
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