The company I work for might go bankrupt. I am concerned about them paying Federal and state income tax?
Can they get six months behind in paying these taxes and social security. If they go bankrupt and not paid my taxes they have taken out of my paycheck, am I responsible for paying the taxes.
This is a small company (15 employees). It seems they don’t do everything to the book.
Related Blogs
- Social Security Network » Blog Archive » Finding Someone with a …
- Social Security Network » Blog Archive » Social Security Benefits …
- Can A Small Company Beat The Economic Situation Imposed Late …
- Debt Relief Begins with Paycheck Management
- Six Months « Our growing family
- SEO Services For Small Company Proprietors – We Define The …
- What I've Learned After Six Months of Consulting and the Downside …
- “Saving” Social Security | The Big Picture
- How To Get A Small Business Loan – What To Take Into Account As …
- Please tell me some small web hosting company.? | Host Rage
- health : Six Months In | health care
- Six months… | Cherry Blossom Adventures
- Social Security Benefits – Are They Taxable? | ALBERTAM
- Can the IRS Levy My Social Security Check? | ALBERTAM
- California Assemblyman's paycheck protection hypocrisy
- Paycheck Friday: Purchasing Suggestions For Your Perusal …
- Small Business News: Operation Innovation | Small Business Trends
- Social Security: Here's The Problem – The Market Ticker ®
- Small Business Marketing Book Review – People and Your Business …
- Tips to Maximize Payday Loans on a Dwindling Paycheck : financeforums
Mail this post
This is not your problem. As long as you get your W-2 and a copy is sent to Social Security, you are OK. The first copy of Form W-2 is the input document for crediting your Social Security wage record for retirement purposes. Everybody over 25 gets an annual notice from Social Security telling them the status of their account. Keep your pay statements and if your wages from this company do not show up, you can get them credited otherwise your benefits when you retire will be shortchanged.
Contact the IRS and find out how much they have paid into federal and state for your taxes. If and when they go bankrupt you can go to court the day they appear before the bankruptcy court, and deny that they declare your taxes on the bankruptcy. The judge can declare the taxes exempt, and they will have to pay them.
No, you are not responsible for paying the taxes. Once the tax is deducted from your check you have met your obligation. The employer is required to transfer that money to the taxing authority.
Hope you have all your paystubs. I’d check with social security to make sure they’ve reported your covered wages correctly right away. It makes a difference when it comes time to draw the benefits.
Keep your check stubs in case you need a record of what taxes were withheld from your paycheck. If your w2 does not agree with your records, you can contact the IRS at that time. If you do not receive a w2, you will probably have to contact the IRS anyway. It sounds like that company may not even send out w2′s if your concerns are justified.
Hang onto all of your paystubs. If they end up not paying, you’d need to prove they were actually withheld – then the IRS will go after them, not you.