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The Obama administration's fiscal year 2010 revenue proposals include recommended changes to withholdings on payments of FDAP income.
For large contractors, this could mean tracking and properly accounting for withholdings made on thousands of payments each year.
A new guide prepared by the AICPA employee benefits taxation committee can help practitioners handle tax problems with benefit plans subject to new mandatory 20% income tax withholding provisions (See Tax Briefs, page 34).
Any taxpayer may elect out of the modified withholdings by filing a new W-4 and using line 6 to specify the amount of additional withholding to be deducted from each paycheck, as shown in Table 1.
If this person's filing status is single and she has two allowances, she will pay an additional $120 per year in Yonkers withholding taxes (an extra $5.
The practical problem is how to report multiple payments and pay the withholdings to the respective taxing authorities without identification numbers.
CPAs involved with payroll in an advisory capacity or otherwise, therefore, must become familiar with the applicable child support terminology and learn how to review court writs authorizing child support withholdings.
The revised estimate for withholdings, however, is only modestly above that of the time of budget enactment and 5% above the level of withholding receipts in fiscal 2004.
The Guide includes references to rules affecting elective withholdings from qualified plan documents and the general deposit rules for tax withholding; for access, visit http://tax.
However, income tax withholdings are still necessary.
Nortem will be required under Dutch law to make tax withholdings from the final liquidating distribution to its shareholders with respect to the portion of the final liquidating distribution that is deemed a "dividend" for Dutch tax law purposes.
Income tax withholdings may have to be increased or additional estimated tax payments made to avoid a large balance due.