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Printable Form 5330 Oxnard California: What You Should Know
As a condition of employment, an employer must report the employee's estimated federal, state, or local income tax payments on Form 5330. Form 5330 is a return that is filed by an employer with the IRS and is used to record the following information about an employee: Employee name and address (employer must use the employee's name and address, not his Social Security number). Amount of gross wages contributed to an employee's account. Number, total accrued but unpaid federal, state/local, and SIMPLE IRA deductions made by the employee, and whether they were contributed for taxable wages or non-taxable retirement and pension costs. Employees may not use Form 5330 to report retirement compensation payments made to an individual under a plan made by the employer. The Employee Retirement Income Security Act of 1974 (ERICA) and the Code require that if employer-sponsored retirement plans contain retirement provision, an employer must pay all applicable nondeductible contributions. Example: An employee who is a California employee who makes non-taxable contributions to his salary to a local employee retirement plan and earns 35,000 on a 50,000 annual salary is required to report income on his Form W-2, Wage and Tax Statement; a return that can be filed electronically. Example: A self-employed individual who has no wages or gross wages is required to report his gross taxes on Schedule SE. On your Form 5330: • Identify your business as the person who owns or operates the business. • Identify your employees, including their employer. • Indicate the total contributions you made under federal, state and local rules that are applicable to you and them, including, but not limited to: • Contributions received by each employee. • Amount of contributions received (including any contributions that were forfeited to the IRS and deducted) by each employee. • Employees' contributions. Note: On this page we do not discuss tax withholding and payment. If you need help completing this form, contact the employee benefits administrator. How Employers Report (On or Off the Record) Contributions If you have to report contributions as “gross wages”, make sure your form 5330 or Form 944 is complete and signed off by the correct person.
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