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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, and
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
What is it called when you do a second job in the same profession,
What is it called when you do a second job in the same profession, and it is taxed at a higher rate?
I am a professional that has moonlighted in the past, and my moonlighting income has had a dramatic tax reduction, despite it not putting me in a higher tax bracket.
I have a question regarding federal taxes being withheld from
I have a question regarding federal taxes being withheld from my husbands check. We are a family of 4 and I stay home with our 2 children. I noticed in June that only sometimes were federal taxes being taken from his checks. On average his checks are 1200 gross biweekly. However this past month he had a gross check of 1500 and only 16.00 or so were taken out but a check that was 1100 had 209 dollars taken out in federal taxes. Why??? I don't understand why more is taken out of a small check and less from a big one. I believe he has filed out the w4 as 0 dependants only because we noticed for the first 7 months or so of his employment no taxes at all were being taken out. We are very worried about having to pay in. Can you please help?
About withholding taxes, correct forms, filing requirements,
About withholding taxes, correct forms, filing requirements, dates and solutions to avoid it. Better structure possible.
2013 tax year . Formed an LLC partnership with purpose to hold rental residential real estate in FL. One partner holds 99.5% and is a non-us citizen, foreigner. Other, for management purposes etc. holds just 0.5%.
This year the LLC partnership filed form 1065 after filing form 7004 request for extension.
The majority partner, the foreigner, filed form 1040NR reporting his share of the income from the LLC k1. This is the only income the foreign partner has on the 1040nr and that is connected to the US and it was the first ever 1040nr from this foreigner.
Now, received letter from IRS that say that there might be additional filing requirements for the LLC partnership referring to withholding taxes, section 1446, form 8804,8805, 8804c, 8813.
How can this withholding be avoided?
Can this withholding be avoided if the foreign partner fills out W8ECI?
What response if any to give to the IRS about withholding?
If not Please explain the correct steps for filing these, the rates with due date and extensions etc?
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