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Form 8850 UT: What You Should Know
Under this notice, when the date in which the employer should submit Form 8850 for a prior year IRS Announces Wage Credit Tax Credit Sep 23, 2023 — Beginning in calendar year 2025, the IRS will begin to withhold tax from noncorporate entities for tax periods beginning on or before December 10, 2018, and ending on or before December 14, 2025. A New Tax Credit: The WAGE CREDIT The IRS announced on Aug 9, 2023 that it will issue a new federal tax credit of 3 percent of wage and salary income earned by eligible individuals. The new wage tax credit applies to all wages paid before April 15, 2020. This additional tax credit is not available for wages paid by a taxpayer before July 4, 2015. The WAGE CREDIT (the tax credit) will take effect and begin to phase in on Jan 1, 2019. Employers are encouraged to create a payroll/Wage statement using Form W-4 at . The new wage tax credit requires a federal tax return, with W-4 information attached to it, showing that wage and salary wages are paid to qualifying individuals. The filing requirement and reporting requirement are the same as those of the earned income credit. The W-4 information is attached to the tax return and is available on the I.R.S. website at and also from the IRS in paper form for free. If the taxpayer elects to file this tax return electronically, the taxpayer must attach a copy of the W-4 and a completed Form 1040X to the tax return. To claim the wage credit, the taxpayer must provide the required information for the earned income credit. The qualifying individual is the same as that of the earned income credit. However, the qualifying individual must be 18 years of age or older and the taxpayer must file his/her own income tax return. (See more detailed information at ). The new Wage Tax Credit will require only a Social Security number (also known as a SSN). Individuals may have multiple SSNs, and an individual may be a U.S. dependent or an alien for some years.
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