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Lev, where in the california return form 100s one report the

Good evening Lev, where in the...
Good evening Lev,
where in the california return form 100s one report the tax withholding from 1099k. Does this tax withholding flows through personal tax return or applies towards 100s estimated payment?
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Answered in 13 hours by:
7/25/2017
Lev
Lev, Tax Advisor
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Form 100 is California Corporation Franchise or Income Tax Return.
These taxes are based on NET income.
When NET income is calculated - withholding is not participated in calculations.
Withholding is not the actual tax liability - but prepaid amounts to cover possible tax liability.

These amounts will be CREDITED toward tax liability after it is calculated.
For instance state tax withheld (reported on form 100 box 8) will be on lines 31-35.

However - if you are asking about federal income tax withheld (reported on form 100 box 4) - that amount is NOT used on form 100.

Lev
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Customer reply replied 3 months ago
Thank you very much for your response. I know that the federal tax withholding from 1099-k flows through in schedule k1. However, per your information California withholding is applied as a payment in California tax return form 100s. Is my understanding correct in this matter?

Sorry for delay - somehow I overlooked your reply.

The recipient of the Form 1099K should include this amount on their income tax return as tax withheld - that is SAME treatment for federal and for state income tax.

Corporation is a separated legal and taxing entity - so the corporation may request a refund for tax withheld on the corporate's tax return.

Because S-corporations generally pays no income tax - it may pass the amount of tax withheld to shareholders - that is an option - not requirement.

Same treatment is for federal and for state tax withheld.

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