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Backup Withholding (BWH-B) Rate/Effective Dates
Rate/Percentage is 28%, effective for all subject payments after December 31, 2002 until December 31,
2010. Rate TBD, thereafter.
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∙ 14y ago
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What is back up withholding from the IRS?
Backup withholding is an investment term. Essentially, it means federal income tax that is withheld by a bank when it does not have the account holder's Social Security number on file.
how do i find out how much i owe?
how do i find out how much i owe
Will you get a return if you owe the IRS?
You will file a return. You will not get a refund (which is a refund of your overpayment) if you owe more than you have paid in through withholding and such - which is waht your payment is for - to make up for what you should have pre-paid. Depending on the amount of the underpayment and other factors, it is possible you will also owe a penalty and interest on that underpayment.
Is there a penalty for not withholding enough federal taxes in your paycheck?
Uh, kinda. You have to pay whatever you owe plues penalty and intrest on underpayment, when you do your tax return.
How do you find out how much you owe for excise tax?
trying to find out how much I owe on excise tax to renew my license
Is S-Corp Exempt from backup withholdling On W9 form?
An S-Corp is exempt from backup withholding on a W9 form. The backup withholding box on the W9 form is required for individual taxpayers and not businesses or corporations.
Who is exempt from backup withholding?
Anyone who properly reports their name and Social Security number while using the Form W-9, whose information matches IRS records, and those who have not been noticed by the IRS that they are exempt from backup withholding are exempt from backup withholding.
What is backup withholding tax?
When a person, such as an employer, makes payments to another person, they must withhold and then pay a specified percentage of this payment to the Internal Revenue Service (IRS). This is called backup withholding. These payments have conditions set by the IRS, and there are many variables regarding what type of payments backup withholding can apply to. Backup withholding payments can apply to most payments that are reported on an IRS Form 1099. These can include interest payments and payments by brokers, as well as royalty payments. Other payments may include dividends, patronage dividends if at least half the payment is in money, rents, and profits. Commissions, fees, or payments for work undertaken as an independent contractor may also be liable to backup withholding.
Is distribution of dividends subject to expanded withholding tax how much?
If by expanded withholding tax you mean "backup withholding" applicable to only certain people/Cos (especially foreign), yes. I've never hear of the term you used.
What is back up withholding from the IRS?
Backup withholding is an investment term. Essentially, it means federal income tax that is withheld by a bank when it does not have the account holder's Social Security number on file.
how do i find out how much i owe?
how do i find out how much i owe
What is backup witholding?
Payors of dividends and interest do not ordinarily withhold income taxes from those payments. However, persons who do not report that income on their tax returns are subject to "backup withholding" of taxes from those payments.
Find federal withholding table?
Is no such thing.
Will you get a return if you owe the IRS?
You will file a return. You will not get a refund (which is a refund of your overpayment) if you owe more than you have paid in through withholding and such - which is waht your payment is for - to make up for what you should have pre-paid. Depending on the amount of the underpayment and other factors, it is possible you will also owe a penalty and interest on that underpayment.
Is there a penalty for not withholding enough federal taxes in your paycheck?
Uh, kinda. You have to pay whatever you owe plues penalty and intrest on underpayment, when you do your tax return.
How do you find out how much you owe for excise tax?
trying to find out how much I owe on excise tax to renew my license
How do you find out who you owe or what you owe?
Type your answer here... debt collection
