trust fund taxes
- Taxes withheld from an employee's paycheck by a company, which includes Social Security, Medicare, and federal income taxes, to be paid to the Internal Revenue Service
- The new accountant was responsible for managing the trust fund taxes from all the employees.
- Failure to pay the trust fund taxes to the IRS resulted in hefty fines for the company.
- Trust fund taxes, if not handled properly, can cause serious legal and financial consequences for a business.