If you have employees who work for you, you must withhold income, Social Security, and Medicare taxes from their pay. Hold it in trust until you’re required to deposit it with the U.S. Treasury using the Electronic Federal Tax Payment System (EFTPS).
If you withhold taxes but don’t deposit them, you could face a trust fund recovery penalty. This means the IRS can collect the unpaid taxes from you personally. Your income, assets, or home can be used to pay off the trust fund taxes.
Make sure that as an employer, you are aware of your employment tax responsibilities.