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Form W-11 Lansing Michigan: What You Should Know
The W-2 and the Form W-9 (and later Forms W-1, W-2c, and W-5) are also used to verify the information provided on these forms. To apply for this form, you must have worked for the taxpayer throughout the taxable year. In most cases, you are responsible for filing a corrected return. A corrected return must be filed within 6 months after the date the employer filed the return to which you are correcting. To correct a return filed between December 31, 2010, and March 31, 2011, you must be eligible to claim the W-2. The employer that sent the original Form W-2 does not need to file a corrected return. See chapter 24, p. 18 of the Publication 590, Employer's Tax Guide; you may wish to refer to it for additional information. For information about calculating the employer tax withheld and the additional tax due, go to Form W-2 (Wage and Tax) — Tax Withholding. In addition to the Forms W-2 and W-7 (for withholding), you must file a Form W-2V (Forgiveness of Unreduced Wage Incentive) within 3 years of the pay period in which you begin making qualified remuneration. Form W-2V for employees and an employer who make qualified remuneration to the same individual. For employers not filing a Form W-2V, go to Chapter 24, p. 22 of the Publication 590. Employers can choose to withhold tax and pay either a tax at the federal income tax rate, 25%, or a tax at the Social Security rate, 7.65%. Withholding is based on the employee's filing status. Qualified remuneration includes: Pay for the period your employee has worked for the employer, but only if you have not already given that employee a payment for the time period. The payment will be taxable on wages paid by you. The payment should not exceed that employee's full wages for each pay period. Example. Joe has worked for you for 3 years. You owe Joe 60,000 as regular self-employment employment taxes. Joe and his new employer, Mike, will be eligible to receive the standard Federal tax credit of up to 6,000 if both are paid by the employer.
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