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What is back up withholding from the IRS?


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Answered 2014-07-03 18:32:45

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.

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One can find the IRS withholding calculator on the IRS and Taxes websites. Those who can benefit from using the calculator include employees who want to reduce their tax refund due and employees with non wage income in excess of adjustments. The site has a link to the IRS withholding calculator in the middle of the page.


The federal withholding table is located in IRS publication 15, Circular E. This publication changes every year, and be found online or at your local IRS office.


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 your asking for doesn't exactly exist...there are several different ways to calculate withholding. Explained: http://www.irs.gov/pub/irs-pdf/p15a.pdf


Its almost easier to look at it the other way...as almost everyone is NOT subject to back up withholding, except those that have been notified they are, foreigners, etc.


Complete Form W-4 Employees Withholding Allowance Certificate and give it to your employer payroll department so that your employer can withhold the correct amount of federal income tax from your pay that you want withheld. Consider completing a new Form W-4 each year and when your personal or financial situation. Go to the IRS gov web site and use the search box for W-4 The IRS has a useful tool available for this purpose called the IRS Withholding Calculator. Go to the IRS gov web site and then scroll down the left side of the page under ONLINE SERVICES choose Withholding Calculator. You can use the search box at the IRS gov web site and type IRS Withholding Calculator This easy to use calculator can help you figure your Federal income tax withholding so your employer can withhold the correct amount from your pay. This is particularly helpful if you've had too much or too little withheld in the past, your situation has changed, or you are starting a new job. Click on the below related links



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.


Yes. The IRS can pretty much garnish anything. So pay up now, or pay up later (with interest).


http://www.irs.gov/file/article/0,,id=111163,00.html


they can take 15% of your monthly Soc. Sec. Disabilty check.


Use the tables and instructions in Publication 15: http://www.irs.gov/pub/irs-pdf/p15.pdf and Publication 15A: http://www.irs.gov/pub/irs-pdf/p15a.pdf If you just want to calculate your own withholding, here is a handy online calculator: http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp


Form W-4 is Employee's Withholding Allowance Certificate. Employers formerly were required to submit to the IRS as W-4 forms claiming more than 10 allowances or complete exemption from withholding on weekly wages of at least $200. Employers now are required to submit W-4 forms only if the IRS specifically requests them.For more information, go to www.irs.gov/compliance/index.html for 'Withholding Compliance Questions & Answers'. Also, go to www.irs.gov/taxtopics for Topic 753 (Form W-4 Employee's Withholding Allowance Certificate).


I assume that you mean the employer is withholding taxes from your paychecks but then not turning over this taxes to the IRS. If you have any evidence of support these alligations you should report such to the IRS so that they can investigate the matter.


The IRS has a useful tool available for this purpose called the IRS Withholding Calculator. Go to the IRS.gov web site choose Individual and then scroll down the left side of the page under Online Services and choose IRS Withholding Calculator.You can use the search box at the IRS.gov web site and type IRS Withholding CalculatorThis easy to use calculator can help you figure your Federal income tax withholding so your employer can withhold the correct amount from your pay. This is particularly helpful if you've had too much or too little withheld in the past, your situation has changed, or you are starting a new job.This information could help you determine how to fill out your new W-4 form


Classic Withholding Tax applies to the practice in some countries for people paying invoices to hold back a certain portion of their payment for withholding tax purposes. The United Kingdom is one of the countries the utilizes the Classic Withholding tax method.


Federal withholding taxes are taken from the tables in Publication 15. An updated version called Publication 15-T was issued to account for the Making Work Pay Credit: http://www.irs.gov/pub/irs-pdf/p15t.pdf


When you owe the IRS back taxes, the IRS has to follow collection due process to collect your taxes. They start by sending you balance due notices and work up to levy notices. If you do not respond to them, the IRS will issue a wage levy, 668w, to your employer to collect your back taxes. You can stop a levy by getting into a resolution on your back taxes. Visit my blog at wallysworldoftaxes.blogspot.com for information about the collections due process and resolutions.Wally


For 2009, the Social Security Withholding tax (OASDI) is 6.20% on wages up to $106,800. Doing the math the maximum social security withholding is $6,621.60. If you have more than one employer in 2009 and your combined earnings exceed $106,800 the combined withholding can exceed $6,621.60 as EACH employer is required to deduct 6.20% of earnings up to $106,800. You will get back any amount over $6,621.60 when you file your taxes as excess social security taxes, or your employer will stop withholding any amounts above $6,621.60 from your paycheck. There is an additional 1.45% for Medicare which has no cap on the amount of withholding. The combined OASDI and Medicare tax of 7.65% is commonly referred to as the Social Security Withholding tax.


If you owe back taxes to the IRS and the IRS is currently trying to collect from you, you need to resolve your tax issue. The IRS will not stop you from abtaining a passpert or leaving the country unless you are being ivestigated criminally. That would be the work of the CID division of the IRS. They investigate taxpayers who are criminally negligent for defraudung the IRS or criminally negligent on back taxes. Hopefully you are not in this situation. A resolution is an agreement between you and the IRS to pay back the taxes you owe. As long as you have a resolution the IRS will not enforce collections against you. More answers can be found at my blog. wallysworldoftaxes.blogspot.com


When you say federal taxes. Are they withholding the social security and medicare taxes from your gross pay??????If you need to have income tax withheld you can fill out a new W-4 form claiming -o- ZERO and see if some federal income taxes will be withheld.Give the new W-4 to your employer and see how it comes out after the change takes place in the payroll department.If they are not withholding any of the above taxes then they could be treating you as a contract taxpayer or self employed taxpayer.The IRS has a useful tool available for this purpose called the IRS Withholding Calculator. Go to the IRS.gov web site and then scroll down the left side of the page under Online Services and choose IRS Withholding Calculator.You can use the search box at the IRS.gov web site and type IRS Withholding CalculatorThis easy to use calculator can help you figure your Federal income tax withholding so your employer can withhold the correct amount from your pay. This is particularly helpful if you've had too much or too little withheld in the past, your situation has changed, or you are starting a new job.Click on the below Related Link


At a State's request, the IRS will intercept tax refunds for unpaid child support.


You can file as back as you want. If you owe taxes, the IRS will only prosecute up to seven years back, so it's recommended to only file the last seven years. If you are due a refund, the IRS will only refund the previous three years.


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.


Any person who received payment from you for services performed for you, and is classified as an employee according to IRS Circular E (which means they were subject to withholding).



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