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Various state and local taxing authorities in the US require an employer or the employee to withhold and remit a tax on the wages paid to an employee. Some states require both the employer and employee to remit a portion of the total occupational privilege tax (OPT), while others only require one or the other to do so. [1]
The tax information return most familiar to the greatest number of people is the Form W-2, which reports wages and other forms of compensation paid to employees.There are also many forms used to report non-wage income, and to report transactions that may entitle a taxpayer to take a credit on an individual tax return.
There are five tax filing status options to choose from but picking the appropriate one isn’t always clear cut. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: ...
Properly filing your taxes and keeping relevant information on hand can help you track your IRS refund status. Filing your tax returns electronically can help expedite the process, as can opting ...
Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. [1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
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The term information return is used in contrast to the term tax return although the latter term is sometimes used colloquially to describe both kinds of returns. The form is used to report payments to independent contractors , rental property income, income from interest and dividends, sales proceeds, and other miscellaneous income recipients ...
You report your self-employment income on your regular income tax return, but you have to file a few additional forms. First, use Schedule C to calculate your net self-employment income.
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