Damuri probably worked on the Model T assembly line. Good wages at the time.
Or at least he probably didn’t have his first job recently.
I think those are still estimated taxes.
I think those amounts are deposited in the employers employment tax bank account on a biweekly or monthly basis and are only paid quarterly.
I think the deposited amounts can be trued up so that the aggregate amount on deposit reflects the aggregate amount due.
Minimum wage was about $2 when I got my first job.
No, but it was back when cars still had carburetors and popular music didn’t suck ass.
As someone who used to do payroll, by hand and later by computer program, I find it not a simple error at all.
And you would think wrongly.
“Deposited” means deposited with the US Treasury, not into the employer’s own bank account. You’ll note that the instructions require EFT payments and encourage the use of EFTPS to make the deposits. EFTPS has no provision to transfer money to anywhere but the US Treasury.
I fail to see how an honest reading of the publications or regulations would lead you to conclude that they require taxes to be deposited into the employer’s own account rather than to be deposited to the Treasury’s account.
26 U.S. Code § 6302 - Mode or time of collection
Nor do I see anywhere in the regulationsor publications that refers to “estimated taxes” in connection deposits of withholding taxes. But feel free to point me to where it says that.
I can assure you that the tax deposits being discussed are not estimated.
Just several hours ago I paid, via electronic funds transfer from our bank account, a sum of $3,565.22 to the IRS. This represented money deducted from employee wages, plus money from the company share of FICA and Medicare payments. These were all generated during the last half month (9/1/16 thru 9/15/16), and, as I mentioned above, were actual, not estimated funds. We have to make these deposits twice a month, on a rigorous schedule, or bad things will happen.
At the end of each quarter, we fill out a form (941) for the IRS that calculates what this should be for the entire quarter, and if the sum of my semimonthly payments do not total up to this, we have to find out why and make up the difference. If the sum of the amounts deposited semimonthly for the quarter agree with the amounts calculated on the 941 form, all is well and no additional money is required with the form.
Bottom line:
Your EMPLOYER screwed up and took too much money off your paycheck. The government did not ask them to do this, the government did not want this extra money, the government did not make any laws or rules to get this extra money.
It is now the responsibility of your EMPLOYER to get this money back to you, no matter where it now resides. It is YOUR responsibility to identify the party who took your money and get it back from them. (Hint: this would be your EMPLOYER)
Your EMPLOYER screwed up. Stop blaming “the government” for other people’s screw-ups.
I’m not payroll tax person so I will defer to people who know better. Its been 20 years since I’ve had to make payroll and IIRC, we paid by check on a periodic basis, I thought it was quarterly and we trued up the amounts if we under or over paid in previous periods.
Is there not a process that would allow me to reduce deposits on day two if I deposited too much on day one?
This was exactly my thought. Adjust your withholding so they take fewer taxes out of your biweekly check. I’ve adjusted mine many times over the years.
But that will take a long time, considering how much was over-withheld. The company should make him whole faster than that.
There may not be a mechanism for doing so. Next!!!
You can actually adjust the withholding for just a couple of checks (to get all the overpayment back) and then change it back to the correct amounts.( I know people who do this for bonuses) But I don’t know that I’d trust a company that made this big a mistake to do that right.
If I deposit too much on one day, I just reduce the next deposit by the amount of the overage so that the sum of the two days is correct. There may be a formal way of doing this, but in some 13 years of doing this I’ve never gotten any static from the IRS.
What DO you find it?
Yeah, but check the post date on the OP.
Let the bears pay the bear tax!
Suspect.
Huh. Suspecting chessic, or payroll?
I’m all about not attributing to malice what can be explained by incompetence. In this case, if someone were wanting to steal from him, they’d be unlikely to make the numbers match up proportionately to a full workweek; and if he were wanting to rant about the government based on a made-up story, this is a lot of work to make numbers match up to give himself plausible deniability.
It seems a lot likelier to me that the payroll person figured out his taxes for a normal workweek and slapped that on top of his first paycheck, than that the payroll person is embezzling, or that chessic had such a convoluted fantasy.
Ever since the day I got married I get to keep much less than 28% of my paycheck.
Agreed.
And then, he did the classic rant about how this was the fault of “the government”, without stopping to think about who was actually responsible for the screw up.
It’s a convenient thing to blame “the government” for shit that happens in your life. You don’t have to think or analyse much, or even get off your ass to rectify the problem.