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McKinney Texas Form 4835: What You Should Know
TAXES For income tax withholding of business income in excess of 1,000,000 for calendar year 2018, 2023 or 2023 (or 50,000 or greater for 2011), a declaration must be filed by January 1, 2019, by a corporation, partnership, limited liability trust, or other legal entity, or a joint return filed by a corporation and an individual member of the partnership, with income tax withheld from wages or salary. A joint return is treated as one return for purposes of withholding tax, unless an election to waive this election is made by the individual member of the partnership and his income tax return for the year is filed separately. See the definitions of “wage” (see ORC Section 718.01) and “salary” in ORC Section 718.03, which is incorporated in this title. “Wage” means any compensation for the duty of performing services. The term includes wages, salaries, commissions and other similar forms of remuneration. Salary and wages are included in the definition of “wage.” This definition includes, but is not limited to, compensation for services rendered for money. This definition does not include any benefits, including pension or annuity payments, for which a person receives the benefit of his citizenship or naturalization within this state, or income received by such person by reason of his birth in this state. This definition is not limited to wages. It applies to any amount paid to an employee for his services in excess of 1,000 for the calendar year for the service to be treated as wages. The amount paid to such employee is not subject to income tax withholding at any rate except those shown in ORC Section 718 of the Taxpayer's right to collect, and to have an interest allowed and collected by the Tax Collector on, his wages. For tax years beginning after 2015, payments in excess of 50 for the prior year, which are paid to employees by their employers for wages or salary in the amount in excess of 50 for the prior year, and are required to be included in gross income and in the calculations of the gross income tax or tax withholding rate, are subject to income tax withholding in accordance with ORC Section 718.1. (See ORC Section 718.02 and 718.03, which are incorporated in this title). Where to file The tax return should be filed with ORC Section 718 of the Taxpayer's Right to Collect, and to Have an Interest Paid by the Tax Collector.
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