CA FTB 592-B 2024 free printable template

TAXABLE YEAR2024Resident and Nonresident Withholding Tax StatementCALIFORNIA FORM592B AmendedPart I'm Withholding Agent Information Name of withholding agent (from Form 592, 592PTE, or 592F)SSN or

How to fill out ca form 592 b

How to fill out CA FTB 592-B

1. Obtain a copy of CA FTB 592-B form either online or from the tax office.
2. Fill in the entity's name and address at the top of the form.
3. Provide the payer’s identification number (usually a social security number or federal tax ID).
4. Indicate the amount of California source income being reported.
5. Complete the section regarding withholdings made.
6. Provide any additional information requested in the form regarding the payee and the type of payment.
7. Review the form for accuracy before submitting.
8. Submit the completed form to the California Franchise Tax Board by the specified deadline.

Who needs CA FTB 592-B?

1. Any individual or entity that has paid California source income to a nonresident or foreign entity must fill out and submit CA FTB 592-B.
2. Specifically, this includes withholding agents responsible for remitting withholding taxes on payments made.

Video instructions and help with filling out and completing california form resident tax

Instructions and Help about ca form 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 ca form resident tax

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 taxpayers to report the California source income earned by nonresident partners, members, or shareholders in a pass-through entity.

Who is required to file CA FTB 592-B?

Any pass-through entity, such as partnerships or S corporations, must file CA FTB 592-B if they have nonresident partners, members, or shareholders who earned income in California.

How to fill out CA FTB 592-B?

To fill out CA FTB 592-B, you need to provide information about the pass-through entity, the nonresident partner/member/shareholder, and the amount of California source income allocated to each nonresident.

What is the purpose of CA FTB 592-B?

The purpose of CA FTB 592-B is to report and provide information on the income earned by nonresidents from California sources so that appropriate tax obligations can be calculated.

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

The form must report the name, address, and taxpayer identification number of the nonresident, the amount of California source income received, and the pass-through entity's information.