Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

federal tax deposits (FTD)

Read a random definition: comp time

A quick definition of federal tax deposits (FTD):

Federal Tax Deposits (FTD) are payments that employers must make to the Internal Revenue Service (IRS) for taxes that are withheld from their employees' paychecks. These taxes are required by law and are used to fund programs like Social Security and Medicare. Employers must make these payments either monthly or semi-weekly, depending on their size, using the Electronic Funds Tax Payment Service (EFTPS). This ensures that the money is paid to the IRS and not lost due to financial issues. If an employer is late on their payments, they may face fees of 15% or more on the withholding tax.

A more thorough explanation:

Definition: Federal Tax Deposits (FTDs) are required payments made by employers to the Internal Revenue Service (IRS) for employee tax withholdings specified in the Federal Insurance Contributions Act (FICA). These payments are made monthly or semi-weekly, depending on the size of the employer, through the Electronic Funds Tax Payment Service (EFTPS). The purpose of FTDs is to ensure that the withholdings made by employers are paid to the IRS and not lost due to a business bankruptcy or other financial issue. Failure to make timely payments can result in fees of 15% or more on the withholding tax.

Example: ABC Company has 50 employees and is required to make semi-weekly FTDs. Every Monday and Thursday, ABC Company must deposit the employee tax withholdings made during the previous three days into the EFTPS. This ensures that the IRS receives the withholdings in a timely manner and that ABC Company avoids any penalties for late payments.

Explanation: This example illustrates how FTDs work for a company with 50 employees. The company is required to make semi-weekly payments to the IRS through the EFTPS. By doing so, the company ensures that the employee tax withholdings are paid to the IRS and avoids any penalties for late payments.

Federal Sentencing Guidelines | federal tax law

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
LSD+ is ad-free, with DMs, discounts, case briefs & more.