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South Dakota Form W-4p: What You Should Know
Amount. The amount you are to withhold is the percentage of your wages less amounts required by the law, minus any amounts you can claim as tax credits and deductions that your employers may take or apply to reduce your tax liability. This amount is the amount you are supposed to withhold at the start of your benefit year. Filing status. For wages, amounts withheld include the amount you would withhold if it were required by law. For benefits, you may, for example, exclude the tax-exempt value of eligible educational expenses and certain dependent care tax credits. Eligibility Form W-4P may be completed only by a U.S. or U.S. state or local government employee, or by a qualified participant who has received authorization to sign Form W-4P from your employer. Do not sign it unless you are authorized to do so. The tax rules for employees vary by state, and some states have separate laws to handle a qualified participant's signature on Form W-4P. You may wish to contact a tax professional in your state to review the state law. Filing status. You may have income or expenses that could make you liable for federal income tax withholding, depending on: When you received your last periodic payment. Your marital status. Type of income (in box 1a) and number of allowances (under box 2). Do not use form W-4P on your first periodic payment, because the withholding rules will be different. You can change your income in box 1a at any time, either before filing your tax return for the year, or anytime during the year by filling out Form W-3, Change in Status by Filing a Federal Income Tax Return. For more information about the information on Form W-4P, contact your state's agency that handles Forms W-4P by calling. 2b) I want to make an automatic payment of state income tax to the state government via electronic fund transfers (EFT) on my annual income tax return. Do I have to change my filing status? Not normally. You can use Form W-7EZ, Electronic Funds withdrawal Verification, for the automatic withdrawal of state income tax to the state government.
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