Business Law
Eric Gros-Dubois

What is the IRS Trust Fund Recovery Penalty?

Every month your employer has to hold back a certain percentage from your paycheck. They have to withhold 6.2% for social security and 1.45% for Medicare. The IRS calls the withholding of income tax, Medicare, and social security the trust fund taxes. An employer is supposed to send the trust fund taxes amount to the IRS every quarter using Form 941.

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The Entrepreneur's Handbook

This is a quick legal reference guide covering 16 topics that every business owner needs to have to start a business