The correct answer to this open question is the following.
No, it is not ethical.
The risks that Emerald faces by not upholding his responsibility for the collection and payment of employment taxes is that, first of all, this is not correct. He has an obligation, a moral and a fiscal obligation to report on time the employment taxes. That is why his actions are not ethical although he indeed does pay before he gets caught. That decision could be a business decision to buy some time and trying t fix other problems, but a true leader does not need to cover things with wrongdoings. What can of example is he showing to his employees?
Later on, on another occasion, he won't have the moral authority to demand ethical behavior from his employees. He is not setting an example.