IRS Publication 15 is also known as what?

IRS Publication 15 is also known as what?

• A. Tax Guide
• B. Employee's Tax Handbook
• C. Circular E
• D. Employer's Guide to Taxation

Answer: (C)

IRS Publication 15 is known as Circular E. This publication provides essential information for employers on how to comply with federal tax withholding and payroll tax responsibilities. It includes guidance on topics such as income tax withholding, Social Security and Medicare taxes, and the proper handling of various forms and payment schedules. Understanding Circular E is vital for contractors and businesses, as it helps ensure compliance with federal tax laws, thereby avoiding potential penalties. Circular E summarises the key tax responsibilities employers have when hiring and paying employees, making it an essential resource for anyone involved in payroll management or human resources within a company. This focus on tax compliance is crucial for maintaining good standing with the IRS and ensuring that employees receive their correct deductions and credits.

IRS Publication 15 is known as Circular E. This publication provides essential information for employers on how to comply with federal tax withholding and payroll tax responsibilities. It includes guidance on topics such as income tax withholding, Social Security and Medicare taxes, and the proper handling of various forms and payment schedules. Understanding Circular E is vital for contractors and businesses, as it helps ensure compliance with federal tax laws, thereby avoiding potential penalties.

Circular E summarises the key tax responsibilities employers have when hiring and paying employees, making it an essential resource for anyone involved in payroll management or human resources within a company. This focus on tax compliance is crucial for maintaining good standing with the IRS and ensuring that employees receive their correct deductions and credits.