If an Employer Fails to File an Employment Tax Return

question 93

True/False

If an employer fails to file an employment tax return on the due date, a penalty based on a certain percentage of the amount of tax required to be reported may be added to the tax.

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Definitions:

Budget Balancing

The process of adjusting government spending and revenue to ensure that the budget is not in deficit, aiming for a balanced budget.

Federal Budget

An itemized plan for the annual public expenditures of the United States, detailing government spending and revenue.

Paradox Of Thrift

The economic theory that personal savings can be detrimental to overall economic growth if too high, as they may reduce overall demand.

Great Recession

A severe global economic recession that occurred from late 2007 through mid-2009, characterized by widespread financial crisis, high unemployment, and significant drops in the economic activity.