The amount of the penalty is equal to the unpaid balance of the trust fund taxes. The penalty is computed based on: the unpaid income taxes that should have been withheld, or were withheld but not paid over, plus the employee's portion of the Social Security/Medicare taxes that should have been withheld, or were withheld buy not paid over. For collected excise taxes, the penalty is based on the unpaid amount of collected excise taxes.
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Elden Sodowsky provides answers for the most frequently asked questions by clients.

 


Q: How much could the penalty be?

A: The amount of the penalty is equal to the unpaid balance of the trust fund taxes. The penalty is computed based on:

  • the unpaid income taxes that should have been withheld, or were withheld but not paid over, plus
  • the employee's portion of the Social Security/Medicare taxes that should have been withheld, or were withheld buy not paid over.
For collected excise taxes, the penalty is based on the unpaid amount of collected excise taxes.


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