In today’s world where so many workers have lost their pensions, there is one employer who has remained steadfast in meeting their pension commitments – the United States government. As of an August, 2016 article in the USNews.com, there was still one beneficiary receiving benefits from a Civil War pensioner. Irene Triplett, age 86, is the daughter of Mose Triplett, a veteran of both the Confederate and the Union armies.
According to the article, there are still 88 beneficiaries receiving a monthly payment from benefit due to veterans of the Spanish-American War and nine left receiving monthly pension payments from the Mexican Border War. None of these remaining beneficiaries are the veterans themselves, but spouses and children.
Since 1935 Social Security has provided benefits to workers. Most employees make a monthly payment to social security in the form of payroll taxes. Here at The Payroll Department, we see the number of employee payrolls we service and know that that is only a drop in the bucket when you consider the number of workers across the nation. But we also know how important it is to make those deposits for taxes on behalf of the employers we service. Not just for the employers, but for the employees and the current benefits recipients. Payroll taxes, nor any other kind of taxes is negotiable for small business owners.
Retirement benefits begin with income and payrolls
Everyone with any sort of income, be it as an entrepreneur or an employee, has the responsibility to build their own pension and retirement funds. No one is guaranteed that a pension or social security benefits will be around when it is time to retire.
While that may be the truth when you are thinking about a nest egg, but it is definitely not the case when it comes to taxes. Retirement plans and pensions are optional, but payment of taxes, including payroll taxes, is not. Many owners of small businesses do not provide any retirement benefits, but they do provide employment income and some provide some benefits and health care, all of which benefit the employee.
Tracking payroll taxes and deductions accurately for reporting to employees and the government is as critical as making regular payroll tax deposits. You probably won’t have to keep records for more than 100 years like the U.S. government, or make pension payments like they do. However, the security of your small business relies on properly reporting and paying taxes.
The Payroll Department has been reporting and making deposits of payroll taxes for more than 20 years. When it’s that important, smart small business owners know to rely on experts – they outsource to professionals like the payroll experts at The Payroll Department. Don’t take chances, contact us today!
-Elaine of The Payroll Department Blog Team