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Sunday, February 5th 2009 |
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Direct Deposit Frequently Asked QuestionsWhat is Direct Deposit?Direct deposit makes it easy to process your checks. No more waiting in lines, with direct deposit your paychecks are deposited electronically. So with direct deposit, you dont have to worry about losing checks in the mail, waiting in long lines at the bank, and mail delays. Since direct deposit is safe and reliable, many institutions offer incentives in you choose direct deposit. How Does Direct Deposit Work? When you sign up for direct deposit, the funds get transferred electronically into your account of choice. It is very convenient and saves time. Normally when you choose direct deposit, the funds are available on payday. Payroll taxes are taxes that we play to the government. They include social security, federal income, and medicare taxes. They are also sometimes referred to as trust fund taxes. The reason being that they can be held in trust funds by the government. Can a employer make a direct deposit without a EIN? Yes you can, if you have appiled for your employer identification number and don't have it yet. You can make a direct deposit directly to the IRS and make it payable to the United States Treasury. |
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