The Crackdown on Employment Tax Compliance Has Begun
Offshore Account UpdatePosted in on May 27, 2016
The U.S. tax system is a pay-as-you-go system, but most individual employees do not actually pay as they go. Instead, the responsibility falls on employers to withhold federal taxes and FICA taxes from employees. Federal income tax, as well as taxes used to fund Medicare and Social Security, are supposed to be taken out of an employee's paycheck. Employers have to file tax returns and pay the IRS with money that has been withheld, as well as make required employer contributions (employers pay half of a worker's Social Security taxes).
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