1. Happy Carpet Cleaning Inc.collects FIT, OASDI and Medicaretaxes from its employees bywithholding them from their pay.However, Happy Carpet CleaningInc. does not pay these amounts tothe Federal government when theyare due. It waits until the end ofthe calendar year to pay them sothat it can maximize its cashduring the year. It believes that thispractice does not affect itsemployees because it will bepaying the taxes at the end of thecalendar year to the Federalgovernment. Is it right for HappyCarpet Cleaning Inc. to do so?Please comment on this practice.

Employers have a legal obligation to withhold and remit various taxes on behalf of their employees,…

Answered: 1. Happy Carpet Cleaning Inc. collects…

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