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Video instructions and help with filling out and completing Fill Form 2220 Payments

Instructions and Help about Fill Form 2220 Payments

We have said with the business credits that one of the things that overlaps with business credits is withholding and the withholding the withholding I the employer is responsible for withholding the Social Security and the federal income tax matching the Social Security payments and paying them over at least quarterly to the IRS if credits are if Social Security is withheld from more than one employer and the employee is only responsible for say one hundred and thirteen thousand seven hundred but between the two employers more than that was withheld the extra amount withheld becomes a refundable credit to the employee there's also something called back up with holder withholding employers require that your social security number go to the accounting office and that the accounting office then use that to reform in the employee's name you just really can't get employed without social security number or other similar work documentation but you can open a bank account without one and they ask for an employer identification number but if you do not give them one they will instead with all twenty eight percent of whatever earnings you have trusts will do the same in addition to withholding and backup withholding there are also estimated payments if someone is self-employed and they owe more than a thousand dollars or if they have more than four hundred dollars and self-employment earnings they are supposed to make quarterly estimated payments now you can get out of that requirement if your household also has withholdings and the withholdings more than cover your liability the four hundred dollars though in self-employment income triggers self-employment tax in addition to federal income tax normally you pay one forth in the first quarter 14 for the second quarter one fourth for the third quarter one...

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