Question

Chapter 10 in income tax accounting discusses the payroll tax withholding and reporting responsibilities of employers. Do you agree with the reporting requirements for tips? Why or why not?

Answer 1

Answer = what is payroll tan It is the tan imposed erthed on employees o employer and collected by employer on behalf of employees and paid to the government. The tau is imposed busing on the minimal percentage of the salary. The tare paid by the employers tout of his pockets, is certainly for the benefit of employees. The law requires the employers to deduct the different types of payroll taues. Erample • payment of unemployment tares, local income tan and state tanes etc. Payroll tax withholding and reporting napastbilities + AS an employer, should take up the responsibilities of with holding and payment of taxes to the government. The law specifies certain taues to be deducted and it is the responsibility of the employer to ensure that such that such tanes has been deducted on time. All employers should fake up the responsibility of colletting-thies by following manner

salarry Data + The employer should collect the information related to the total income earned by the employer during the financial year. Deduct Tanlegt The employer should deduct the appropriate teze depending upon the income earned by the employee. Arrangement effunds + The employer should manage the funds Folie collected from the employees as a part of deductims from solaries and pay to the government. Report of tenues Bulov Reporting of tales collected from the employees and paid is submitted in a specified from to the government. The employers should comply with the analpot Yelavcut laws.and regulations made, so if there are • any type of mon compliances then penalties and criminal procedures may be imposed against them. This is the main reason why the employers should account for the tanes collected and paid to the government