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Accounting for Tax Withholdings

Sal Michaels's Profile

Hi everyone, I am curious about whether your employer has to account for your tax withholdings when depositing money with the IRS or state tax dept. I know employees should get a stub showing payroll taxes, etc. But does the IRS get a similar accounting for the money they receive periodically? Does the IRS deposit those withholdings into an account on your behalf, or do they just take a lumpsum and rely on the employer to do the accounting?

thanks,
Sal

Answers

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

You account for individual tax withholdings on either payroll filings, 1042, 1099, etc.

Those amounts need to tie into the payments made during the year (for the forms above, it is a calendar year with final payments normally in the next year).

You should talk with your CFO or accountant.

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