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Posts Tagged ‘employment taxes’

Household Employees and Employment Taxes

Household workers can either be employees or self-employed. If they are considered employees, it is mandatory for their employers to pay employment taxes. Usually, household employees include babysitters, domestic workers, nannies, drivers, yard workers, etc. If you have workers providing their services at your home, you may need to determine if they are technically your employees. Is Your Worker an Employee? For tax purposes, a household work is ...

How Changes in Employer-Sponsored Health Coverage May Affect You

Health care has undergone major changes and is expected to impact both employers and employees in the coming years. The health care overhaul will cause a 40% tax on the value of employer-sponsored coverage that costs more than $10,200 for single plans, and $27,500 for family insurance, starting 2018. To avoid the massive 40% tax, employers are expected to make changes. It might mean making adjustments to benefits ...

The Trust Fund Recovery Penalty: Why You REALLY Need to Pay your Business’ Employment Taxes

July 10, 2015  |   Tax News   |   Tags: , ,  

The Trust Fund Recovery Penalty (TFRP) is a penalty the IRS charges on employers who willfully fail to withhold and pay income and employment taxes. This penalty also applies to taxpayers who attempt to evade taxes altogether. The TFRP also applies to “collected” excise taxes, and not to the employer’s portion of employment taxes. The TFRP is charged to encourage employers to withhold income and employment taxes ...