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#84982 - 06/03/03 09:41 PM Tax law change
Anonymous
Unregistered

Did anyone receive notification regarding the recent tax law change? Effective for wages paid after 05/28/03 the withholding rate is decreased from 30% to 28%.

Is the withholding rate for Income Tax reporting (wages) different than backup withholding for missing or incorrect TIN or is it the same rate???

Currently our backup withholding rate for missing or incorrect TIN is 30%. Our systems people were notified that we need to change this rate to 28% no later than July 1, 2003. I just want to be sure withholding for payroll and wages would be the same rate as backup withholding for 1099INT reporting.

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General Discussion
#84983 - 06/03/03 10:10 PM Re: Tax law change
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,754
On the Net
Click me. From William Ludwig.
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AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#84984 - 06/03/03 11:14 PM Re: Tax law change
Princess Romeo Offline

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Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
Quote:

Click me. From William Ludwig.


Andy - I think we should re-name you "Andy in Wonderland"

By clicking, will my regulatory burden become larger or smaller? And someone tell that d#mn cat to stop grinning!
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CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

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#84985 - 06/04/03 08:53 PM Re: Tax law change
StevenD Offline
Gold Star
StevenD
Joined: Nov 2000
Posts: 489
KY
If you want something 'official' from the IRS you can go here.

http://www.irs.ustreas.gov/pub/irs-pdf/n1036.pdf
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Opinion expressed are my own and not necessarily those of my employer.

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