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EPGD Law Blog

Tag: penalty
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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Employment Law
Eric Gros-Dubois

What is Workers Compensation Insurance?

If an employer operates their business without purchasing workers compensation even though they are required by Florida Law, then there is a high probability that a penalty will be issued. In order to avoid the penalty, any Florida business operating with four or more employees must purchase workers’ compensation insurance, which in Florida will cost your business about $1.32 per $100 wages.

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