Our job takes taxes out of our pay check. What do they do with that money until tax time?
My job takes money out of my paycheck for taxes(i work in NEw York) Now when is this money given to the IRS? Does my job put this money ina bank account that generates interest for themself until tax time comes around? If so i dont think thats right
Asked By: radiculus - 7/1/2007
Best Answer - Chosen by Asker
Your employer submit the payroll deduction to the IRS, they don’t keep the money in the bank account. If they pay you weekly they have to submit the deductions weekly to IRS, if bi-weekly they submit bi-weekly.
Answered By: vanmathip - 7/1/2007
Additional Answers (4)
It is possible for them to do this however most companies put the money into an account which is set up to do nothing more than to write a check to the IRS 4 times a year.
Answered By: Richard Stephens - 7/1/2007
They are required to pay it to the government on a regular basis. If they wouldn't take it out, you'd have to make a payment at least every three months.
Answered By: Fizzle - 7/1/2007
It wouldn't be right if they could keep it for the year - and that's not how it works. Depending on the total amount they withhold from all employees, and the frequency of pay periods, they have to deposit it through a bank to the IRS weekly or at the longest, monthly.
Answered By: Judy - 7/1/2007
No, that money is paid to the IRS on a regular basis. How often the company needs to make those payments depends upon how large their payroll was the previous year. The payments are made monthly or more often depending upon the total payroll the prior year.
Answered By: bostonianinmo - 7/1/2007
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