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What is the word for Excess of your withholding and estimated tax payments?
Wiki User
∙ 14y ago
Amount of taxes that were overpaid to the IRS
The excess amount of your withholding and estimated tax payments would be the amount that is MORE than your federal tax liability on your correctly completed federal 1040 income tax return and would be the amount of the REFUND that you could possibly receive after sending your tax return to the correct IRS address.
Overpayment amount of taxes
Wiki User
∙ 14y ago
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What is withholding tax mean?
For a better tax payment, it's necessary to have a clear knowledge of the common taxes, especially withholding tax and estimated tax. We may be much more familiar with the withholding tax in daily life, because almost all employees need to file the withholding tax from income. This works similarly for the self-employed ones in the way of estimated tax. In general, tax comes from individuals and corporations by the city, state, or country in which the entity resides or operates. When the tax collected is credited to the government of the country's account, we call it federal tax. It is a pay-as-you-go tax and we can pay this tax in the following two ways. 1. Withholding Tax Withholding tax is one kind of the income tax. It means your boss pay it directly to the government from your salary. And the amount withheld is a credit against the income taxes you must pay during the year. According to IRS, there are two different types of withholding taxes. Firstly, every employer in the United States should file the withholding tax according to employees' personal incomes. And we call it the U.S. Resident Withholding Taxes. The other form is the nonresident withholding taxes. As long as you gain income within the United States, proper taxes is inevitable. All nonresident citizens, who didn't pass the green card or a substantial presence test, must file Form 1040NR if they are in a trade or business in the United States during the year. Meanwhile you can claim standard IRS deduction and exemption when paying U.S. taxes. In a word, withholding tax is necessary for most of us who work in a company. 2. Estimated tax Whether you receive your income from a job, self-employment, or other sources, You must pay estimated taxes on the income during the year. If your income comes from self-employment, business earnings, interest, rent, dividends and other sources, estimated tax is a must. In general, we need to pay estimated tax quarterly, typically in 4 equal installments. Each period has a specific deadline, and your punctuality in the estimated tax helps avoid penalties. Even if you've already missed a few installments for estimated tax, you should still try to pay them as soon as possible. If you are one of them, you need to make estimated tax payments with IRS Form 1040-ES. • Self-Employed Persons or Sole Proprietor Business Owners. Estimated tax payment is necessary if your tax liability is more than $1,000 for the year, including both part-time and full-time enterprises. • Partners, Corporations, and S Corporation Shareholders. Business ownership earnings require estimated tax payments as well. And estimated tax payments occur after $500 tax liability. • People Who Owed Taxes for the Prior Year. If you owed taxes at the end of last year, it probably means that too little was withheld from your paychecks, or you had other income that increased your tax liability.
What is Difference between cash receipts and cash payments?
the second word. here we differ these term by debit and credit when cash receipt then amount field is +ve as on debit and in cash payment it will be -ve as on credit and reverse for opposite .
What should you claim on W-4 to get your whole paycheck?
Do you mean to make sure that you do not have any federal tax taken out of your check at all? You either claim a large number of withholding allowance on line 5 or you write the word "exempt" on line 7. Remember that you can legally write the word exempt on line 7 only if you had absolutely no federal tax liability last year and expect to have none this year. But be warned, if you underpay your taxes by more than $1000 and don't meet one of several other exemptions (based on last year's taxes or 90% of this year's taxes), you will be charged an underpayment penalty. And there is also another penalty for claiming allowances or exemptions without a reasonable basis. If the IRS suspects that you did not have a reasonable basis for your claim, they will send you a letter asking to see the filled out worksheet from your Form W-4 or some other explanation. If you can't support your position, they will fine you $500 and order your employer to withhold at a rate they determine and to ignore any future W-4 forms you submit. Many people don't realize that this penalty exists in addition to the underpayment penalty listed above. So, if you have a reasonable basis to reduce your withholding, you should feel free to claim as many allowances as you need to. But if you are just thinking you'll eliminate all of your withholding and get rich by putting your withholding in the bank or the stock market until the end of the year, you will not win.
Meaning of computerized payroll system?
Computerized payroll accounting systems allow you to process all your normal payroll tasks via a computerized system, rather than by hand. Essentials like name, address, Social Security number and withholding rate for each employee are automatically filled in for every pay period until you make an employee's record inactive. Many different vendors offer computerized payroll systems. Like different word processors or other computer programs, they largely offer the same types of features with slightly different interfaces.
What is the etymology of this word employ?
At its start, the word employ was Middle English and spelled imploy which meant involved in or attached to. The word employ developed from the Middle English word imploy, the English word imply, and the Latin word implicate.
What is withholding tax mean?
For a better tax payment, it's necessary to have a clear knowledge of the common taxes, especially withholding tax and estimated tax. We may be much more familiar with the withholding tax in daily life, because almost all employees need to file the withholding tax from income. This works similarly for the self-employed ones in the way of estimated tax. In general, tax comes from individuals and corporations by the city, state, or country in which the entity resides or operates. When the tax collected is credited to the government of the country's account, we call it federal tax. It is a pay-as-you-go tax and we can pay this tax in the following two ways. 1. Withholding Tax Withholding tax is one kind of the income tax. It means your boss pay it directly to the government from your salary. And the amount withheld is a credit against the income taxes you must pay during the year. According to IRS, there are two different types of withholding taxes. Firstly, every employer in the United States should file the withholding tax according to employees' personal incomes. And we call it the U.S. Resident Withholding Taxes. The other form is the nonresident withholding taxes. As long as you gain income within the United States, proper taxes is inevitable. All nonresident citizens, who didn't pass the green card or a substantial presence test, must file Form 1040NR if they are in a trade or business in the United States during the year. Meanwhile you can claim standard IRS deduction and exemption when paying U.S. taxes. In a word, withholding tax is necessary for most of us who work in a company. 2. Estimated tax Whether you receive your income from a job, self-employment, or other sources, You must pay estimated taxes on the income during the year. If your income comes from self-employment, business earnings, interest, rent, dividends and other sources, estimated tax is a must. In general, we need to pay estimated tax quarterly, typically in 4 equal installments. Each period has a specific deadline, and your punctuality in the estimated tax helps avoid penalties. Even if you've already missed a few installments for estimated tax, you should still try to pay them as soon as possible. If you are one of them, you need to make estimated tax payments with IRS Form 1040-ES. • Self-Employed Persons or Sole Proprietor Business Owners. Estimated tax payment is necessary if your tax liability is more than $1,000 for the year, including both part-time and full-time enterprises. • Partners, Corporations, and S Corporation Shareholders. Business ownership earnings require estimated tax payments as well. And estimated tax payments occur after $500 tax liability. • People Who Owed Taxes for the Prior Year. If you owed taxes at the end of last year, it probably means that too little was withheld from your paychecks, or you had other income that increased your tax liability.
How do you use the word excess in a sentence?
There was an excess of liquid in his body.He drank in excess the other night.
Is excessive a verb?
The word excess is a noun and an adjective (excess, more excess, most excess). Example uses:Noun: The excess is picked up by the City Harvest charity at the end of the day.Adjective: This butcher always trims the excess fatbefore weighing the meat.
What is the noun form of excessive?
The word 'excess' is both an adjective and a noun.The noun 'excess' is a word for an amount that is more than the usual or necessary amount; a word for a thing.Example uses:Mother saves the excess material for quilting. (adjective)An excess of goods is stored at our warehouse. (noun)
Can you write a sentence using the word excess?
There was alot of excess icing for the cake.
What is the root word of excessive?
The root word of 'excessive' is 'excess'.Here are two example sentences that help to show this:'The amount of food on the table was excessive.''There was excess food on the table.'
What is the base word of excessive?
excess
Is excess a noun or adj?
The word 'excess' is both a noun and an adjective. Examples:Noun: We have an excess of twelve students over capacity for this bus.Adjective: Please call for an additional bus for the excess students.
How you use the word excess in a sentence?
It was no wonder that he had put on a weight, because he was eating to excess throughout Christmas.
Can you give me a sentence using the word estimated?
It was estimated that 200 people died in the earthquake. The total attendance had to be estimated. The estimated value of the painting was set at one million dollars.
What is the proper abbreviation for the word estimated?
Estmd
Define the word plethora?
(n.) - an overabundance, an excess
