Payroll taxes include 940 and 941 taxes. An employer is solely responsible for 940 or FUTA (Federal Unemployment Tax Act) taxes. 941 or FICA taxes are paid by both the employee and the employer.
Your employer or payroll department has handed you an IRS Levy. What does this mean and how does it affect you?
An IRS wage levy is a notice sent to your employer demanding that they withhold a certain portion of your paycheck and send it to the IRS. The IRS can levy after 3 requirements are met:
I wanted to take a minute or two to answer some of the most common questions that have come up over the last 16 years when dealing with an IRS levy on a bank account.