On May 20, the IRS released its 2018 Internal Revenue Service Data Book, which provides statistics that underscore the importance of payroll professionals to the integrity of the American tax system [IRS Pub. 55B, rev. May 2019].
Primary Source of Federal Revenue
The IRS Data Book reports that, of the $3.47 trillion paid into the Treasury in FY 2018, $2.42 trillion was transmitted by employers for employment taxes. This represents nearly 70% of all federal revenue.
Payroll payments included:
To learn more about federal and state laws, regulations, and information to keep your company's payroll operations in compliance, check out Payroll Source Plus!