It’s my annual Taxes from A to Z series! This time, it’s Tax Cuts and Jobs Act style.
If you’re wondering whether you can claim home office expenses or whether to deduct a capital loss under the new law, you won’t want to miss a single letter.Despite the glamorous-sounding name, trust fund taxes aren’t those paid by the super-rich like the Hiltons and the Kardashians. Instead, the term refers to taxes which are collected by a third party, like a store owner or an employer, and paid over to the government on your behalf.
If you’re employed, you pay Social Security tax as the employee, and your employer also pays the same rate of tax . Your employer pays its share of FICA taxes out of its own pocket. But your share? Your employer collects those Social Security and Medicare payments and remits them to the government on your behalf. These taxes are sometimes referred to as “trust fund” taxes since they come out of your check and are held separately by your employer until they’re paid over to the tax authorities.. It never did.
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