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21 September, 09:38

Employers are required to compute and report payroll taxes on a calendar-year basis, even if a different fiscal year is used for financial reporting and income tax purposes.

A. True

B. False

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Answers (1)
  1. 21 September, 10:04
    0
    A) True

    Explanation:

    As stated by the IRS, employees' income taxes must be computed on the basis of of a tax year. In this specific case the tax year is the same as a the calendar year, i. e. begins January 1 and lasts 12 consecutive months until December 31. This is known as a required tax year, since the IRS's tax regulations require it to be that way.

    This also applies to sole proprietors, partners and shareholders in an S corporation.
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