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Salinas California Form 5330: What You Should Know

The IRS requires a 10 form 5670 form 5675. Taxpayers can obtain this Form 5675 from their local Revenue Department. These forms can be obtained at the above County Tax offices. Form 5670 — Federal Unemployment Tax Act Tax Credit In addition to the general form 5670 you can claim, you can claim a Federal Unemployment (FTA) tax credit towards the FTA tax if you were employed in a state in which you no longer reside and your state has a higher minimum wage than California. The minimum wage for 2024 is 15.00/hr. The state with the higher minimum wage is Texas.  If you were employed in a state in which you no longer reside, you do not have to file Form 5670. What is Tax Credits & Credits for Education? You may be claiming tax credits and credits for education on your California state sales and use tax return. Sales & Use tax credits for education are usually for the student loan or other public education expenses paid for any program offered for credit by the state, a public university, private college or trade school. The credits are generally given in the form of a reduction of your sales tax liability. Please refer to Cal. Gov't Code § 7254.1(g)(1) to learn more about the application for the credit. Sales, Use (BUT) Tax Credit The California sales and use tax credits are intended to help make education more affordable. The credits are not for education expenses that are not paid from taxable income. There are three types of sales and use taxes: those paid by business, those paid by individuals (self-employed), and those paid by families (not for education). The credits for schools are for any program, course or educational expense covered by your employer. You can get more information on the California BUT tax credits for schools and how to apply for one here. The purpose of the California sales and use tax credit program is not to provide an economic stimulus for schools. However, it may have that effect. Cal. Gov't Code § 7254.1(g) gives the Legislature the power to provide economic incentives for private or public institutions of higher education. In order to obtain the refund, you must first receive the tax credit or refund check. This is a statement that they have issued the credit. If so, you don't need to apply for a refund.

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