Payroll Taxes Account for 70% of Treasury’s Collected Revenue 

In a recent IRS news release, the Treadollar-941246_1280sury Dept noted the significance of payroll taxes and their  submission process in meeting the revenue collection and cash flow needs of our Federal Government.

According to the IRS, of the $3.42 trillion that was paid into the Treasury in 2017, $2.39 trillion, or approximately 70% of the total, was paid in by employers through the payroll tax submission process managed by payroll professionals. Of that $2.39 trillion, $1.33 trillion was income tax withheld from individual employees, $1.05 trillion was both employee and employer Social Security and Medicare taxes, $8.3 billion was unemployment taxes and $6 billion was Railroad Retirement Tax (Yes, the Railroad has their own government regulated retirement plan exclusive of Social Security.)

The IRS noted that compliance with employment tax requirements continues to be an issue. The data revealed that the IRS assessed employers 5.36 million times resulting $7 billion in penalties. The Federal government estimates there are 27.9 million businesses in the US.

 

About Time & Pay:

Time & Pay is a professional payroll service provider located in Johnson City, TN. We service businesses of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll services , guaranteed payroll tax compliance, automated time and attendance systems and services, pay-as-you-go workers comphuman resource management systems and services, ACA compliance and more. We provide our customers with the cost effective tools you need to better manage your payroll, your employees and your business. Time & Pay’s services guarantee you will save money, time and aggravation and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:

“Time & Pay! Why would you do payroll and timekeeping any other way?”

Offices:
Payroll Services  in Kingsport, TNBristol, TNJohnson City, TN;   423-854-9042
Payroll Services in  Morristown, Greenville, Knoxville, TN  865-640-5666
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