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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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