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What Are My Responsibilities for Payroll Taxes?

In a nutshell withhold, deposit and report.

Handling tax returns and deposits are among a business owner's key responsibilities. This includes the obligation to withhold specific employment taxes from employees' pay, including federal income tax, Social Security and Medicare, and state and local income tax. And deposit your payroll taxes to the appropriate agency on time and accurately. 

Late or inaccurate taxes will cost you in penalties and interest charges.

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