Payroll processing is fraught with regulatory traps. Failing to properly calculate and deposit payroll taxes can destroy a business through the Trust Fund Recovery Penalty (TFRP).
Employers must match Social Security and Medicare taxes (FICA). You are effectively acting as a fiduciary holding these funds for the government. Never dip into payroll tax reserves to fund operations.
Across the United States, employers must pay SUTA to the the United States Workforce Commission. We manage these quarterly filings (Form 941s) and state reports on your behalf.
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The TFRP is a severe IRS penalty assessed against business owners personally when they fail to remit withheld employee payroll taxes (like FICA) to the government.
SUTA stands for State Unemployment Tax Act. Across the United States, a business pays this to the the United States Workforce Commission to fund unemployment benefits. Rates vary based on industry and claim history.
If you are a single-member LLC, you pay self-employment taxes on net profit instead of running traditional W-2 payroll. However, if you elect S-Corp status, you MUST run a W-2 payroll for yourself.
