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Tax Withholding Questions

What is tax withholding?

There are several types of tax withholding, wage, payments to foreign person’s, and backup on dividends 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 income taxes that are generally withheld are income tax, Social Security tax, and Medicare 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, rules regarding tax withholding, who is in charge of withholding taxes, 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.
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Recent Withholding Questions

  • I pay my ex-wife unallocated alimony. Accordingly, my AGI

    I pay my ex-wife 'unallocated alimony.' Accordingly, my AGI is reduced by the substantial amount I pay to her (approx $250K/year) and my federal and state liability is lower (and hers higher). However, I was wondering how "Medicare" withholding taxes work. Obviously these have become material as the cap was removed (I have already paid $10K YTD). It would seem that I am paying her 'share' of these as I am withheld based on my gross wages rather than my AGI. Is there some place on a tax return I get credit for this or am I paying her "share?"
  • I reside in Germany. I have received an NR4 (Statements of

    I reside in Germany. I have received an NR4 (Statements of Amounts Paid to a Non-Resident of Canada) from a Canadian financial institution. No tax was withheld, and the institution entered code "T" in Line 1 - Exemption code. I see in the Revenue Canada website this corresponds to: "Exemption from withholding tax as a result of other exempting provisions of a tax convention, other than those given above in codes I, and P through R."

    I believe this is in reference to the CDA-DE tax treaty.

    Can I assume that, therefore, I need not remit the 25% NR tax to Revenue Canada? And that I should simply include this amount in my German tax filing, to be taxed by German as my worldwide income?
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    I am filing a California 593-E Real Estate withholding form on my primary residence. We purchased the house in March 2014, but due to a family emergency I know must sell. I still owe $363,000 on the loan. Where is this sum captured on the form?
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