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Modesto California Form 945: What You Should Know
Backup withholding is effective at the beginning of each calendar quarter. The backup withholding rate must be paid by the payment to any account or other account which exceeds the amount which would normally be subject to withholding. The backup withholding rate must be applied at the beginning of each calendar quarter and may not be adjusted from the date of the first backup withholding statement issued to an amount thereafter. As a result, any payment which would otherwise be exempt under the law and regulations governing nonage (except an reimbursed employee expense) will be subject to backup withholding, even if the employee was not eligible to file a federal income tax return (Form 1040). Backup withholding is administered by the Internal Revenue Service's (IRS) Back-Up Withholding and Additional Federal Rates Program (BWA AP). See IRS.gov. Backup withholding and other nonage can be applied to payments made on Form 1099 or 1098-EZ. It can also be used against payments to employees for taxes on certain other payments (e.g., interest, dividends, rental payments, royalties, royalties-related charges, payroll taxes, pension taxes, federal unemployment taxes, taxes on annuities, etc.). For income tax withholding reporting (Form 945) and nonage reporting (Form 940), it is helpful to review the following information. For more details, see the following tables. General Backup Withholding Considerations. The backup withholding system is intended to ensure that income tax withholding (Form 945) and nonage payment (Form 940) and reimbursement (e.g., a Federal Unemployment Tax) are made (i) to a mayor of any payment, where withholding is required or permitted by the Internal Revenue Code and Regulations or (ii) to the Federal Government, where such payments are subject to backup withholding because such payments would otherwise be exempt from tax where received by the individual. The Backup Withholding System provides a complete set of regulations regarding backup withholding and nonage reporting and may not apply if the mayor has determined that it should not be used. Backup withholding and other nonage may be paid to a mayor of any payment whether the IRS determines that such nonage is payable.
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