Introductory Accounting

CHAPTER18

Remitting and Reporting Taxes

In This Chapter

• Paying payroll-related taxes
• Quarterly estimated taxes
• Reporting on various business taxes
• Other types of business taxes

The Congressional Budget Office estimates that for fiscal 2015, $1.5 trillion in individual income taxes are due, along with $1.1 trillion of payroll taxes. That collective $2.6 trillion dwarfs the estimated $628 billion due from corporate income taxes and other sources. There’s no doubt, payroll taxes have an impact on your business.

Payroll taxes fund much of our federal government, but sales taxes are a significant source of funding for most cities, counties, and ...