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Tax Withholding Questions
What is tax withholding?
There are several types of
withholding, wage, payments to foreign person’s, and backup on
and interest. When determining the tax that is to be withheld, the
Internal Revenue Service
(IRS) bases the amount of payment that is subject to tax. The
that are generally withheld are income tax,
Social Security tax
as well as any taxes at the state level. Experts can answer many questions about tax withholding like the ones listed below.
In the state of Kansas, what is the statute of limitations for the taxes withheld not being withheld when a company files for bankruptcy?
In the state of Kansas, the statute of limitations for a tax debt is three years, unless there is proof of fraud. The person may be able to reopen the bankruptcy and have the tax debt included since the debt was from the same time that the person filed for the bankruptcy. The person would need to get an attorney to file for the reopening.
Is a retirement payment from the Government of Taiwan to a US citizen who is a US citizen taxable on the US return of the citizen?
In the US the retirement pay that the citizen would receive would be considered to be taxable in the US. The money is not considered to be wages so it would subject a mandatory 30% tax withholding and it would have to be taxable in the US. The person may want to try and claim the
foreign tax credit
, but there is no treaty in place so they may not be able to and then they would be liable for every dime that is owed to the IRS.
Does day laborers have to pay taxes themselves if the employer withholds taxes?
When an employee pays taxes, then they only have to pay taxes one time. The only way for the employee to have to pay more taxes is if the employer did not withhold enough taxes to cover the taxes that the employee is to pay. If the employer did withhold the tax and then did not send the tax into the IRS, then the employer would be responsible to pay the taxes to the IRS and not the employee.
If a company files for bankruptcy and does not file the tax withholdings for the 3rd and 4th quarter, would they still need to be filed?
The corporation would need to file the tax withholdings as soon as possible. According to the IRS, the corporation would still be liable for the tax debt. In most cases, the corporate officers would be liable for the nonpayment of the tax withholdings of the corporations.
When a person has wages or other sources of income, then they are subject to tax withholding making it to where their tax liability is paid. When a person is dealing with tax withholding, then they may have questions regarding tax withholding,
regarding tax withholding, who is in charge of
, and many other questions about tax withholding. When these questions arise, then the person would need to contact an Expert to gain the answers to any questions regarding tax withholding.
Recent Withholding Questions
I was working company until May 2015 and I also have
I was working for a company until May 2015 and I also have a business (LLC Partnership). The business was making a loss until this year. I am not planning on taking any income from the LLC this year. But I will generate a K-1 for me as a Partner. The LLC will have a profit in 2015 but I am not personally paying myself a salary or taking money out of the business in 2015. Am I required to pay any estimated taxes for 2015? My employer through May 2015 already deducted taxes for me based on my income with them through May 2015.
I receiced a check call action law suit filed on Hilton
I receiced a check for a call action law suit filed on Hilton corp. for my deceased cousin, my cousin knew nothing about it. He has been deceased since 2008. I did not know to have taxes taken out and now find out I should pay federal and state taxes. The check is on hold and I need to go down and pay. Can you help me. I am 71 years old and this is taking a toll on my health from worry. Am I going to be penalized from accepting check with having the taxes taken out immediately?
Customer: and thank you. My name is***** story short.
Customer: Hello and thank you. My name is***** story short. I have prepared 1040's, Schedule C's, ect for 5 year now with my dad. He recently passed so I have inherited the business. He has both 1040's and 1120/1120s clients My issue would be the 1120 Corporate Tax Return (I have never handled these before and I am teaching myself) at this point... For a regular Corporation 1120 - I am trying to figure out where do I indicate (if at all) the owners salary? He also does his regular 1040 with me. I need to find out as well - where on the 1040 do I indicate his salary? I hope this makes sense and you can help me. Thank you
JA: Thanks. Can you give me any more details about your issue?
Customer: Basically it is an 1120 Corporate Tax Return I must file for the client. I actually have to file 3 years worth. I need to know how to report on the 1120 and on his 1040 his income. My client owns the Corp
JA: OK got it. Last thing – JustAnswer charges a fee (generally around $32) to post your type of question to Tax Experts (you only pay if satisfied). There are a couple customers ahead of you. We can help you for less if you're not in a rush. Are you willing to wait a bit?
Customer: That should be fine as I need to get these done asap. Thank you
JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
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