trust fund taxes

Definition of "trust fund taxes"
  1. 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
How to use "trust fund taxes" in a sentence
  1. The new accountant was responsible for managing the trust fund taxes from all the employees.
  2. Failure to pay the trust fund taxes to the IRS resulted in hefty fines for the company.
  3. Trust fund taxes, if not handled properly, can cause serious legal and financial consequences for a business.

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