CA FTB 592-B 2022 free printable template

TAXABLE YEAR Resident and Nonresident Withholding Tax Statement CALIFORNIA FORM 592-B Amended Part I Withholding Agent Information Name of withholding agent from Form 592 592-PTE or 592-F SSN or ITIN FEIN CA Corp no. For more Information for Registered Domestic Partners. Purpose Use Form 592-B to report to the payee the amount of payment or distribution subject Withholding Statement Form 592-PTE or Form 592-F Foreign Partner or Member Annual Withholding Return. Complete a separate Form...

How to fill out CA FTB 592-B

How to fill out CA FTB 592-B

1. Obtain a copy of the CA FTB 592-B form from the California Franchise Tax Board website.
2. Fill in the taxpayer’s name as it appears on their tax return.
3. Provide the taxpayer’s identification number, usually their Social Security number or Employer Identification Number.
4. Enter the name and address of the entity making the payment, if applicable.
5. Include the total amount of California source income received during the tax year in the appropriate section.
6. Specify the total amount of tax withheld in California for the year.
7. Sign and date the form to certify accuracy and completeness.
8. Submit the form to the California Franchise Tax Board by the required deadline.

Who needs CA FTB 592-B?

1. Any individual or entity that has made payments to a nonresident who is subject to California withholding tax is required to file CA FTB 592-B.
2. It is necessary for those who have paid California-source income and withheld taxes on behalf of nonresidents.

Instructions and Help about CA FTB 592-B

Sound effect music Let's talk about withholding Agents It sounds like a pretty fancy title maybe something you have to take a test for get license sign up for classes pretty official sounding right Well the fact is anyone can be a withholding agent Generally speaking if you live in California and you hire someone from out of state for services you're required to WITHHOLD 7 of the payment for taxes to California Let's take a look at an example of a withholding agent Eric Smith owns Giggles a comedy club in Santa Monica He enters into a contract with comedian Roger Dillard from Nevada for 3 performances for 11000 Since Giggles pays a California nonresident for more than 1500 it becomes withholding agent under California withholding law Therefore Giggles is required to withhold7 of the 11000 and pay 770 to the Franchise Tax Board Roger Dillard receives the remaining10230 for his services Basically the responsibility lies on youth person paying for the services to keep track of the taxes owed to California for out of state workers Of course there are some exceptions and details that need to be understood- like the payment must exceed 1500 per calendar year before you're required to withhold the 7 withholding tax And there are ways to qualify for a waiver or reduction of this withholding tax Just head over to our website at ftbcagov But to simplify it a withholding agent ISA California resident or business who hires someone from another state It's your responsibility to keep track of the taxes owed to California For more information or any other tax questions go to ftbcagov

People Also Ask about

What is the withholding rate for California 592-B?

The California backup withholding rate is 7% of the payment. For California purposes, dividends, interests, and any financial institutions release of loan funds made in the normal course of business are exempt from backup withholding.

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What is CA FTB 592-B?

CA FTB 592-B is a form used by California to report withholding tax on certain payments made to non-residents. It is part of the California Franchise Tax Board's reporting requirements.

Who is required to file CA FTB 592-B?

Entities that make payments to non-residents and withhold California income tax are required to file CA FTB 592-B. This includes partnerships, corporations, and other businesses.

How to fill out CA FTB 592-B?

To fill out CA FTB 592-B, start by entering the payer and payee information, including name, address, and taxpayer identification number. Then, report the total amount paid, the amount withheld, and provide any necessary signatures.

What is the purpose of CA FTB 592-B?

The purpose of CA FTB 592-B is to ensure that California income tax is withheld from payments made to non-residents and to inform the Franchise Tax Board of these transactions.

What information must be reported on CA FTB 592-B?

The form requires information including the payer's and payee's names and addresses, taxpayer identification numbers, total payments made, the amount withheld, and the signature of the payer.