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Form 945 Arizona: What You Should Know

You must file Form 945 to report non-wage payments you receive. How much to report  If you receive at least 200 in wages in a paycheck from a non-S Corporation, you must report withheld U.S. federal income tax on the wages to the Internal Revenue Service. If you receive more than 200 in wages in a paycheck from a non-S Corporation you are not subject to federal withholding. Don't report as income the state withholding tax, which could be as much as 5 percent. If you are required to file Form 945 in some or all of the following situations, file: If the non-S Corporation employs no more than 5 people, you are not required to file a Form 945. If the non-S Corporation has less than 5 employees, you must file. The following types of pay is exempt from federal income tax withholding: Reimbursed medical, dental, or life insurance premiums. Benefits such as vacation time, profit-sharing plans, bonuses, and stock options. Payments you receive for services performed while you are away from work or out of the country. If the non-S Corporation has more than 5 employees, you must not report the wages from the first paycheck to the IRS, but must report the wages on subsequent paycheck. Other information you need to keep track of If you are an employee of a non-S Corporation, you may be able to deduct your share of the federal income taxes withheld from your employment from your wages on Schedule C (Form 1040). The amount of the deduction is dependent on the number of employees of the non-S Corporation for which you are an employee, your gross wages from all employment, and your non-S Corporation's total federal tax withholding. The amount of your deduction will vary depending on whether the non-S Corporation is a C corporation or an S Corporation.

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