asked 233k views
3 votes
What is the name of the EFT program through which businesses submit federal income taxes and FICA taxes?

asked
User Maker
by
7.5k points

1 Answer

3 votes

Final answer:

The Electronic Federal Tax Payment System (EFTPS) is the EFT program for submitting federal income and FICA taxes by businesses.

Step-by-step explanation:

The name of the EFT program through which businesses submit federal income taxes and FICA taxes is known as the Electronic Federal Tax Payment System (EFTPS). FICA stands for the Federal Insurance Contributions Act and includes taxes for Social Security and Medicare. Businesses use the EFTPS to pay their federal taxes electronically, ensuring that they meet their legal obligations for tax withholding from their employees.

answered
User Diwatu
by
8.1k points
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.