How Payroll Taxes Affect Your Small Business
Fundera
SEPTEMBER 23, 2017
The approximately $1 trillion in payroll taxes (employment taxes) collected by the Internal Revenue Service (IRS) in 2016 was nearly triple that of the $345 billion collected in business income taxes. Once an employer has a consistent record of on-time payments for SUTA taxes, they can claim a credit that reduces their FUTA taxes.
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