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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
there - I'm wondering how best to instruct a US company
Hi there - I'm wondering how best to instruct a US company to void / cancel a previously filed 1099. It was filed a couple years ago.
I'm a Canadian citizen (always have been, and never been a US citizen), working in Canada as a marketing consultant. A couple years ago, I provided marketing & promotional services remotely from my Canadian office, for a US-based company.
I should also mention that I hold zero US assets, I have never provided services in or from the US, and I have no US mailing address or otherwise nexus.
Anyway, it turns out that instead of simply collecting a W8-BEN form from me to have on file in the event of an audit (for not withholding tax on payments to a foreign entity), I've recently learned that they actually filed a 1099 listing me as the "employee".
And now, the IRS is requesting from this US company that they collect my "TIN", which was missing on the previous 1099. Which I obviously do not have, and am not willing to get, simply to put a band-aid on their accounting mistakes.
I have two questions:
1) What is the best way for this US company to amend / correct / "cancel" this previously filed 1099? Do they simply need to have me fill out a W8, and then submit that along with a zeroed-out version of the previous 1099?
2) If this company is reluctant to correct their (false) tax return - do I need to do anything on my end, as a Canadian? Is this a liability for myself in any way, or is it just a liability for the US company?
I opened a sole proprietorship and am doing quarterly taxes
I opened a sole proprietorship and am doing quarterly taxes for the first time. I need to know what forms I will need to file. I am in the state of Ohio.
Still trying to get a correct answer on this... (Have received
Still trying to get a correct answer on this... (Have received conflicting answers here and elsewhere.)
Married Filing Separately in Texas. (MFJ is not an option.)
Wife had $2000 in W-2 federal tax withheld, so on Form 8958 each spouse is allocated $1000. I get that.
But on the actual 1040, does each spouse report $1000 on Line 64, or does wife report $2000 and husband report $0?
If each reports $1000 wouldn't that penalize the wife and cause her to have, in effect, underpaid and husband to have overpaid?
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