Picking up a second job to supplement household income in a tough economy is becoming more common. Many Americans are choosing to become consultants that visit homes to sell make-up, jewelry, candles, kitchen utensils and food products. But filing taxes as an independent contractor is a lot more involved than as a traditional, full-time employee.
If an employer mishandles payroll-related responsibilities and fails to forward the correct amounts of withheld taxes and matching contributions, the IRS will seek recovery and penalties. And the IRS doesn’t care where the money comes from. If the business owner or the corporate entity doesn’t have the money, the IRS will do its best to
Payroll legal obligations can put companies and managers at great risk in many ways. If you have anything to do with employee payroll and related matters, be aware of the following 11 mistakes and corresponding penalties. Mistake #1: Failing to deposit withheld income taxes, Social Security and Medicare contributions, and employer matching amounts on time.