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Video instructions and help with filling out and completing Trust fund recovery penalty
I wanted to take some time today to explain something called the trust fund recovery penalty it's kind of a silly name because it's actually not a penalty at all it represents unpaid payroll taxes that an employer is responsible to hold in trust for the US government to make matters worse it used to be called that one hundred percent penalty we should let people to believe that there was no penalty of one hundred percent of the tax company interest owed on top of what they owe in terms of payroll taxes but that's not really the case so let's take a look here on the board and I'll explain it a little bit better okay so we have the trust fund recovery penalty t frp for sure and what we have here is what i call the payroll tax pod is the only way that i can ever figure out how to explain this to people in simple concise language that they would understand so as you can see here i can't draw circles very well and number two that there is a larger half of this pie and the larger half of this pie represents the employee share of payroll taxes and over here we have the employer and I'm well aware that I didn't spell those things right but so we how many times we have half of fighting gun half a Medicare and over here you have the food of the federal unemployment tax and over here you have behalf of FICA mathematic air and you have the federal income tax so here's what this means is you understand what your paycheck there's this large chunk that's taken out of that well the employee has to pay you know half of the FICA half of the Medicare and then they have federal income tax automatically withheld from their paycheck and that's something that the employer is supposed to do for the benefit of the US government and the employee so what we have over here is this larger half is what we call the trust fund portion that larger have is called the trust fund portion again it's because the government or the employer supposed to hold that in Travis on behalf the employee and the United States government over here you have the non trust fund portion and it's the smaller F and if i had to guess to me in a typical case what the percentages are i'd say this over here is probably like sixty-five percent and this over here is like thirty-five percent so if an employer pays net payroll which means they just pay the employees but they're you know what you're going to get in their pocket in their paycheck and doesn't submit the payroll taxes what will eventually happen is the US government will come after them for the trust fund portion though sense that against the responsible party a responsible party is someone who's willful.