Questions tagged [withholding]
related to the practice, at times required by law, of deducting money upfront before paying the balance. Generally used in the context of taxes.
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CP542 backup withholding notice from IRS
I've just received an utterly bizarre letter from the IRS, excerpted below:
Notice: CP542
Form: 1040 Tax Period Ending: 12-31-1985
Our records show you have reported and paid all tax due on the ...
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Where on 1040 do I indicate withholding adjustments in a community property state (form 8958)?
My wife received a notice from the IRS indicating they contest the amount specified on line 64 ("Federal income tax withheld from Forms W-2 and 1099") of her 1040. I'm trying to determine if we need ...
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My company, located in a different state, is not withholding local taxes for me
I am a resident of Maryland and I recently began working remotely for a company located in a different state. This company is not deducting local taxes from my paycheck. Will I incur a penalty for not ...
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Does the 2022 IRS Tax Withholding Estimator assume child tax prepayments?
I worked through the 2022 IRS Tax Withholding Estimator recently to make sure my withholdings were correct. To my surprise it said I would owe a lot of money. I usually try to make things such that I ...
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Married filing jointly, withholding number does not match actual tax savings
I am getting married this year (2019). My wife will not be working or bringing in any wage.
Beginning in 2020, I plan to submit a new w-4 to specify a withholding amount, with the goal of having a ...
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2
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How can I notify the CRA of intent to contribute to an RRSP?
I currently have an RRSP through work that I contribute to. However, the amount is significantly smaller than my annual limit. I have a self-managed RRSP separately and contribute sizable amounts. ...
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How to fill out California Allowances on the DE-4 form and Deduction on the W-4 form?
This is related to the question: In the US, how do we make tax withholding less if we lost our job for a few months?
So the form that is similar to a Federal W-4 form is the California DE-4 form.
For ...
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Why is NYS supplemental rate so high?
For 2019 the NYS suplemental withholding rate was 9.62%. However the maximum tax bracket in NYS is 8.82% for 2019. This means that even for the highest earners the withholding will be too much and ...
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Withholding Tax for Citizen of No Tax Treaty with US
I am a citizen and resident of Saudi Arabia, a country with no tax treaty with the US. I receive monthly royalties from Amazon as a designer in their print on demand platform (they sell t shirts of my ...
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Will backup withholding be applied in this scenario?
May be this is a very basic question but I couldn’t find exact scenario on web which I am looking for.
What I know: If a US person (located or citizen of US) trades equity in market, then the broker ...
- 152
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FICA taxes withheld on F1 visa, employer said to give correct W2C moving withheld FICA to Federal? (Unique Case)
I was an intern at a company in 2016. I am currently on F1 visa (Non Resident Alien under 5 years) and therefore exempt fro SSN and Medicare taxes (FICA).
My employer withheld these taxes and gave ...
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1
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332
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Is interest from US Savings Bonds subject to nonresident alien tax withholding?
A person received some US Series EE Savings Bonds when he was a child.
He was always a nonresident alien for US tax purposes and he is not from a treaty country.
The Bonds matured in 2001 and has ...
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1
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69
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Nanny Tax Withholding threshold
We hired a part time nanny in May. We expected to exceed the $1900 threshold and started deducting FICA taxes. Now at the end of the year, we've payed her less than $1600. Must I still file a w-2 for ...
- 111
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145
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Is my employer withholding too much?
I'm confused with the tax withholding on Federal Insurance Contributions Act (FICA) Medicare Hospital Insurance. It is supposed to be calculated as a fixed percentage (1.45%) of my gross income, with ...
- 193
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304
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How to make sense of results from the IRS W-4 withholding calculator?
After entering all my data into the calculator, attempting to get a handle on how much we are going to owe next year, I received this summary, which makes no sense at all:
If $947 will be due when I ...
- 101
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Why does New Mexico (apparently) require withholding more income than is required to cover state income tax?
New Mexico has four tax brackets, which for married filing jointly breaks down as (at least in 2019): 1.7% for $0-$8000, 3.2% for $8001-$1600, 4.7% for $1601-2401, and 4.9% for $2401 and above.
I'm ...
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Taxes on an NY summer internship
I am a TN resident who will be doing a 12 week internship this summer in upstate NY. My salary is around 2.3k every two weeks. What would this be after taxes? Would my company take care of state and ...
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