Backup withholding
Wikipedia on Answers.com:
Top
Backup withholding
This is a United States tax-related article. Please refer to rules set forth by the Internal Revenue Service for correct and up-to-date information.
 |
This article is an orphan, as few or no other articles link to it. Please introduce links to this page from related articles; suggestions may be available. (February 2009) |
According to the Internal Revenue Service, in the US, backup withholding is a specified percentage (currently 28%) withheld by the payers to be paid to the IRS on most kinds of transactions reported on variants of Form 1099. Backup withholding may be required for several reasons, including but not limited to:
- an improper TIN/ITIN/ATIN on the W-9
- an IRS backup withholding order
- certain types of payment are always subject
State backup withholding
Some states may also require backup withholding if it is already required by the IRS.
- California: 7%
External links
 |
This tax-related article is a stub. You can help Wikipedia by expanding it. |
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
Related Videos:
Top
Backup withholding
Post a question - any question - to the WikiAnswers community:
Copyrights:
Wikipedia on Answers.com
This article is licensed under the Creative Commons Attribution/Share-Alike License. It uses material from the Wikipedia article Backup withholding.
Read more
Mentioned in
Backup Withholding Rate
(insurance term)
Backup Withholding
(finance term)
Taxpayer Identification Number (TIN)
(in banking)
Withholding Tax
(legal term)
Withholding
(finance term)
» More