Fort Worth Texas online Form 5472 2023-2025

Fort Worth Texas online Form 5472: What You Should Know

E 23-Dec-2017 — Your employer is allowed to withhold excise taxes from employee compensation you pay for health insurance premiums, long-term care insurance, and short-term disability insurance. Employees and their children receive an exemption. Employer must file Form 5329 to collect: California gross state income tax — 10.8% Employer withholding tax due — 1.25% Employee's share of employer and employee income tax exemption — 0.6% Example: 1. The rate for California is 10.8%. The employee pays 1,000 to his employer for an eligible long-term care insurance plan for 2 people, both 60 years of age or older, and one beneficiary. Under this plan, each year at the beginning of the coverage period, the employee pays 400 toward the premium for an employee or 300 for his eligible beneficiary. The employer and the employee pay the combined employee and employee coverage tax due, not the employee's share (400-300) of the withholding tax due. The employee has an exemption of 40, not plus the tax collected on 1,000. Note: If the plan sponsor requires employees to provide certain health care coverage through enrollment in a public insurance program and is required to file a certification with the Secretary of State with respect to the plan, then the employer has to file Form 5329 to collect: California gross state income tax — 15.3% Employee's share of employer and employee income tax exemption — 0.6% Example: The employer can impose a 4.50 payroll tax per person and a 0.25 health care insurance premium per month for the 2 people in the plan. If the plan does not provide reimbursement for any healthcare costs, such as doctor, lab, prescription drug, and X-ray services, then these costs are not covered by the plan and the employer owes the employer share of gross income tax due (5,350). Note: This is a general outline of federal law; certain requirements and exceptions apply in your state. If you have any questions about the above, please contact an LCC attorney in your state who is familiar with state and local law.

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