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Printable Form 941 (Schedule B) Las Cruces New Mexico: What You Should Know

Payment of Wage Withholding is a separate business expense that must be deducted by employers. What is Wage Withholding Tax Wage withholding taxes are a tax imposed in some States under section 1099-MISC for employers who have employees. There are two kinds of wage withholding. One is a “pay-as-you-go” withholding tax, which goes directly to the IRS from a business. The other is a “pay-as-you-go” withholding tax from wages, which is paid to the employees. Payment of Wage Withholding is a separate business expense that must be deducted by employers. What is PAY? Payroll Expense Allowance (PAY) is a tax-preferred arrangement through which you can reduce taxes on your employee's tips, gratuities, and commissions. Under PAY, payroll deductions can be made on the employer/employee share of an employee's tips, gratuities, and commissions, so that the employer does not have to give the tip or gratuity to the IRS. Payroll Deductions You can make employer wage deductions by taking the employer's share of wages, taking gratuities and commissions, and paying the excess. Payroll Deductions for Tips, Commission and Gains: A tip credit reduces taxes on tips, commissions, and “gains.” The amount of the tip credit is equal to any additional federal tips tax collected from the employee. Tip Credits: Tip credits reduce, or eliminate, the Federal and State taxes due on tips. Tips should be used by employers to lower the tip credit. If the tip credit is lower than .50, the employer must reduce the tip credit by an amount equal to 50% of the excess amount. For employers with 25 or more employees, the employer has to provide the employee with a written explanation of the tip credit and the required percentage. All forms must be provided with this explanation, provided that this is a written communication from the employer. A tip credit is reduced by the amount of the employee's Federal or State wage tax credit. This applies only before the credit is reduced, or eliminated, by tax withholding. Federal taxes are reduced by credit if the employee's tax credit is less than 20.

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