What Other Tax Responsibilities of Employers Exist?

The responsibilities of employers don’t end when the paycheck has been issued; they are also responsible for:

• Paying the company’s share of payroll taxes. This includes Social Security, Medicare, FUTA, and state unemployment taxes.
• Depositing the money withheld from the paychecks of their employees.
• Preparing a number of reconciliation reports.
• Accounting for the payroll expenses via detailed financial reporting.
• Filing the payroll tax returns.