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AGREEMENT between the HUNTINGTON BEACH CITY SCHOOL DISTRICT and the HUNTINGTON BEACH ELEMENTARY TEACHERS ASSOCIATION 2010-2012 TABLE OF CONTENTS ARTICLE I PAGE TERM OF AGREEMENT 1 RECOGNITION 2 III
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Wocut stands for Withholding on Certain U.S.-Source Income Paid to Foreign Persons.
Any person, including individuals, corporations, partnerships, estates, and trusts, who makes payments of U.S.-source income to foreign persons.
Wocut is typically filed using Form 1042 and related forms as instructed by the IRS. It is important to follow the instructions provided by the IRS and accurately report the necessary information.
The purpose of wocut is to ensure that appropriate withholding is done on U.S.-source income paid to foreign persons in order to comply with U.S. tax laws.
The wocut must report the amount of U.S.-source income paid, the amount of tax withheld, the name and address of the foreign person receiving the income, and other relevant information.
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