Publication 5258 - Federal Tax Deposits Page 2
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32the aBCs of ftds
I
t’s a great feeling to have your own small business, isn’t it? You’re the boss! You
have a lot of responsibility to your customers, your suppliers and your employ-
ees. You want your business to grow and to be successful. You constantly make
decisions that affect your success. Each decision creates new opportunities and
provides a new learning experience.
Your employees are one of your business’ most valuable resources. In paying their
salary, you have the responsibility of withholding taxes from their paychecks. This
withholding includes your employees’ income tax and their share of FICA (social
security and Medicare tax). You must periodically send this money to the United
States Treasury on their behalf. This is called a “federal tax deposit.”
You may be wondering why these federal tax deposits are so important. As you just
read, the deposits are actually part of your employees’ wages. Equally important,
the law requires that these deposits be made periodically. You could be charged
large penalties if you don’t make them when they are due.
This course was developed to help you better understand the rules for making
these employment tax deposits so you can avoid these penalties. In fact, you could
be charged additional penalties if you don’t file your employment tax returns on
time and pay the money you owe.
Through this course, we intend to make this process easier to understand. We can’t
guarantee you’ll never have problems again with tax deposits; that’s up to you.
We will provide you with some tips that will save you time and money—resources
that you can then devote to making your business even more successful.
Good luck with your business!
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