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Accounting, Payroll & Pension Issues/FIT withholdings
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Question
My employer (with weveral hundred employees) has failed to deduct FIT withholdings for the year. I just may be too dumb to do so, but I did not notice the error until I got the W2 with a zero balance in the FIT space. Is employer withholding simply a convenience or do they have any responsibility for this error (and for correcting the error - paying the taxes owed?), or am I going to have to scrape around and try to come up with these taxes owed (which I don't have) along with any interest and penalties for late payment?
You need to see what you have claimed on your W-4 form with the company. They are obligated to deduct taxes according to this form which you fill out when you start employment. If they do not do it correctly they can be liable for penalties.
Shirley
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Thank you. It looks like I'll need to do some follow-up with my HR staff. | ||
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Answers by Expert:
Shirley McAllister, CPP, PHR
Expertise
I can answer payroll questions, payroll tax questions, 401K questions. No stock option questions please and I have some knowledge of other pensions but am most familiar with the 401K pension. I can answer U.S.and Canada payroll questions proficiently and have a good general knowledge of UK and South Africa and some knowledge of Australia and New Zealand Payroll procedures. Please do not ask me homework questions I do not have time to answer them.
Experience
25 years with an international company in the Human Resources, Payroll and Payroll Tax areas.
Organizations
SHRM, APA, I.O.M.A.
Publications
I.O.M.A. and BNA
Education/Credentials
P.H.R., C.P.P., Canadian Payroll Administrator, Successfully passed APA class on UK Payroll Administration.
Boise State University Human Resource Certification
Awards and Honors
APA Hotline Citation of Merit for last 8 years.
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