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Simple English definitions for legal terms

federal tax deposits (FTD)

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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

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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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