Seattle Washington online Form 5330 2022-2024

Seattle Washington online Form 5330: What You Should Know

In addition, a late payment of the excise tax may result in a collection of penalties and interest (as specified in § 5405(e)(2)(i)(A). Excise Tax Exempts State Income Tax The excise tax exemption for employers may apply to federal or local income sources that do not include employment income for the benefit of employees. Employment income includes wages and salaries of all employees, including wages for self-employed persons, and compensation for personal services performed for the employer. (Employee benefits payments that are made directly to employees are employment income for employees and exempt from the excise tax.) State income tax exemptions for employers and employees are governed by state law. State income tax exemptions that apply to employees (which would be the case if the employer is a sole proprietor, an S corporation, a partnership, limited liability company (LLC), or a trust) may also apply to the employer. For the tax exemption requirements, see the instructions for Tax Code section 74(g)(2). State excise tax exemptions (Section 74) provide for the exclusion from gross income of the following: 1. Sales from sources other than retail sales. 2. Interest and dividends received. 3. Royalties and license fees earned. 4. Exclusion from gross income from certain qualified business assets. 5. Exclusion from gross income of business expenses of employees. Exemption is not available to persons subject to an income tax in the State. Exemption is available after payment of excise tax equal to 15 percent of lost earnings. The excise tax due in a calendar year is prorated over two-year periods unless tax is paid in full at the end of the second calendar year. A copy of the Internal Revenue Code is available from the Office of Tax Counsel (OTC). You might also refer to IRS Publication 926, Business, Farming, and Use Tax Deductions.

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