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Is overseas communication tax subject to expanded withholding tax?
Yes, overseas communication tax may be subject to expanded withholding tax, depending on the jurisdiction and specific tax laws applicable to cross-border transactions. In many countries, payments made for services, including communication services, to non-residents can be subject to withholding tax. It is essential to consult local tax regulations and possibly seek advice from a tax professional to determine the specific requirements and rates that apply.
Am I exempt from backup withholding?
You may be exempt from backup withholding if you meet certain criteria, such as providing a correct taxpayer identification number (TIN) and not being subject to backup withholding due to previous underreporting of interest or dividends. It's best to consult with a tax professional or refer to IRS guidelines to determine your specific situation.
Is a retired person's income subject to Social Security taxes?
According to IRS publication 54 (2007), pensions are "unearned income" and thus in the same category as capital gains, dividends and interest income. Withholding tax is not assessed on pensions, capital gains, dividends and interest.
Am I subject to backup withholding?
You may be subject to backup withholding if you fail to provide your correct taxpayer identification number or if the IRS notifies you that you are subject to backup withholding.
What is 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.
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.
Is General professional partnership in the Philippines subject to withholding tax?
income payments to the partnership is not subject to withholding as its income is not subject to taxes
Am I subject to backup withholding of federal taxes?
You may be subject to backup withholding of federal taxes if you fail to provide your correct taxpayer identification number (TIN) or if the IRS notifies you that you are subject to backup withholding.
What is the process for ensuring that payments are not subject to backup withholding?
To ensure payments are not subject to backup withholding, individuals must provide accurate taxpayer identification information to the payer and certify that they are not subject to backup withholding.
Do you have to pay tax on dividends?
Yes, dividends are typically subject to taxation as income.
How do I know if I am subject to backup withholding?
You may be subject to backup withholding if the IRS notifies you or if you fail to provide a correct taxpayer identification number (TIN) to a payer. This withholding is typically applied to prevent underreporting of income.
Why am I not subject to backup withholding?
You are not subject to backup withholding because the IRS does not require it based on your tax status and information provided on your W-9 form.
