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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.

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AnswerBot

5mo ago

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Related Questions

Are you subject to backup withholding?

Are you required to have taxes withheld from your income for backup purposes?


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.


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.


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


When do you have to pay federal taxes?

You have to pay federal taxes on your income, typically through withholding from your paycheck or by making estimated payments throughout the year.


Is a retirement pension subject to California disability withholding taxes?

No.


Are Pension Distributions subject to Social Security withholding taxes?

NO


Withholding tax on lump sum distributions?

For a non qualified pension plan it is required a 20% (for federal taxes) withholding for taxes and X% for State, depending on the State you live.


Do they take taxes out of Ga lottery on 5000 before you collect?

Assuming you are not a non-resident alien, there is no federal withholding on a prize of exactly $5000 unless you are subject to backup withholding. On a prize of $5000.01 or more, there would be withholding. Georgia withholds at a rate of 6%. Several documents I found say this applies to prizes of "more than $5000." However, I looked up the actual Georgia code and it says "$5000 or more." Whether they take any taxes out or not, you still have to declare the full amount on your tax return at the end of the year and pay taxes at that time.


If my wife works for me, will I still be tax free as far as payroll taxes or federal/state taxes are concerned?

Yes, if your wife works for you there will be no taxes or payroll or federal taxes or state withholding that you will have to worry about as a small business.


What tax deductions can appear on a payroll withholding statement?

Federal and state income taxes, and FICA


What is income tax withheld from each paycheck and sent to the state or federal government?

WithholdING taxes