U.S. State Non-resident Withholding Tax
- U.S. State Non-resident Withholding Tax
U.S. State Nonresident Withholding Tax is a tax of individuals or entities that do not live within the State. A common example of this is the taxation of oil and gas royalty interest revenue. In order to ensure that the State receives a portion of the revenue from oil and gas leases within the State, any payments made to an address outside of the State require that a tax be withheld and paid directly to the State.
"'
Reporting (Form 1042-S) and Filing Taxes (Form 1042):"'
The withholding agent should report the payment on Form 1042-S and file a Tax return on Form 1042.Based on sufficient documentation, if a payment need not be withheld, then the payment need not be reported.
For more information, visit [http://www.visataxes.com/Form1042-S-Compliance.php Form 1042-S Compliance]
States that have enacted such laws include
* Oklahoma
* New Mexico
* Utah
* California
* Oregon
External links
* [http://www.visataxes.com/Form1042-S-Compliance.php Form 1042-S Compliance - Reporting by a withholding Agent]
* [http://www.oktax.state.ok.us/gpforms/ow9b.pdf Oklahoma tax form for reporting]
* [http://www.state.nm.us/tax/pubs/B20013OGWHTax.pdf New Mexico legistation bulletin]
* [http://www.mountainstateslegal.org/press_releases.cfm?pressreleaseid=590 Article about defeated attempt to challenge Oklahoma law]
* [http://books.google.com/books?id=cWcVAAAAIAAJ&pg=RA1-PA300&lpg=RA1-PA300&dq=oregon+nonresident+witholding&source=web&ots=IoVLSh3kPQ&sig=Bs6X81v_dIU42lBCukBCEMT050w&hl=en#PRA1-PA300,M1 Oregon nonresident salaries withholding]
* [http://www.onlineed.com/system/pages/articles.php?article=OregonNonresidentRealEstateTaxWithholding&qsk=oWSm25Om Oregon nonresident withholding on certain real estate transactions]
Wikimedia Foundation.
2010.
Look at other dictionaries:
Withholding tax — is an amount withheld by the party making payment to another (payee) and paid to the taxation authorities. The amount the payer deducts may vary, depending on the nature of the product or service being paid for. The payee is assessed on the gross … Wikipedia
Tax File Number — (TFN) is an 8 or 9 digit number issued by the Australian Taxation Office (ATO) to each taxpayer (individual, company, superannuation fund, partnership or trust) to identify their Australian tax dealings. In the past, individuals received a 9… … Wikipedia
European Union withholding tax — The so called European Union withholding tax is a withholding tax which is deducted from interest earned by European Union residents on their investments made in another member state, by the state in which the investment is held. (The European… … Wikipedia
Tax forms in the United States — are used by taxpayers and tax exempt organizations to report financial information to the Internal Revenue Service (IRS). They are used to report income and calculate taxes owed to the government of the United States. TOC Federal tax forms 990… … Wikipedia
Tax protester statutory arguments — Part of the Taxation in the United States series Tax protest in the United States … Wikipedia
Tax treaty — Taxation An aspect of fiscal policy … Wikipedia
Tax haven — A tax haven is a place where certain taxes are levied at a low rate or not at all. Individuals and/or firms can find it attractive to move themselves to areas with lower tax rates. This creates a situation of tax competition among governments.… … Wikipedia
tax — A charge by the government on the income of an individual, corporation, or trust, as well as the value of an estate or gift. The objective in assessing the tax is to generate revenue to be used for the needs of the public. A pecuniary burden laid … Black's law dictionary
Corporate tax in the United States — Part of a series on Taxation Taxation in the United States … Wikipedia
Corporate tax — Taxation An aspect of fiscal policy … Wikipedia
