Payroll Taxes Account for 70% of Treasury’s Collected Revenue
In a recent IRS news release, the Treasury 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.
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