Sage-Tips

What tax documents Does my employer give me?

Form W-2 is completed by an employer and contains important information that you need to complete your tax return. It reports your total wages for the year and the amount of federal, state, and other taxes withheld from your paycheck.

How do I fill out a BIR60?

How to complete BIR60

1. Fill in HK identity card number, date of birth and relationship, as appropriate, of your spouse / dependant(s) to update your marital status / support your claim.
2. Exclude ‘$’, ‘,’ or cents when filling in amounts in boxes provided.
3. Fill in all relevant boxes for reporting full information.

What is back duty assessment?

An amount of tax that should have been paid in previous years but was not assessed because the taxpayer failed to disclose full income details to HM Revenue. A back duty case may arise when a source of income has been omitted totally from a tax return or when the level of business profits has been understated.

What is income tax declaration form employee?

Income Tax Declaration is a document given by an employee to the employer which contains the employee’s gross income, expenses, and proof of tax-saving investments into instruments such as insurance, PF, annuity plans, etc. An employee also needs to submit Form 12BB to the employer.

What are the two main types of tax forms a company provides to employees?

The two key types of tax systems are 1099 forms and the W-2.

What are the two pre employment tax forms?

To find out, you need to collect two new hire tax forms: federal and state W-4 forms.

What is a provisional tax return?

Provisional tax is not a separate tax from income tax. It is a method of paying the income tax liability in advance, to ensure that the taxpayer does not have a large tax debt on assessment. Provisional tax allows the tax liability to be spread over the relevant year of assessment.

What is the penalty for not filing corporate tax return?

The penalty for failure to file a federal S corporation tax return on Form 1120S — or failure to provide complete information on the return — is $195 per shareholder per month. The penalty can be assessed for a maximum of 12 months.

What is difference between income tax and income tax return?

Thus income tax is the tax payable on income while income tax return is the annual record of income and tax details that need to be submitted by the assessee to the tax authorities.

What is employer declaration?

The Monthly Employer Declaration (EMP201) The EMP201 is a payment declaration in which the employer declares the total payment together with the allocations for PAYE, SDL, UIF and/or ETI.

What is an employer’s return in Hong Kong?

When completing an Employer’s Return, a Hong Kong employer must disclose the remuneration details and personal particulars of their employees. Relevant information includes the employee’s name, the nature of their employment and capacity in which they are employed, amount of cash remuneration and details such as non-cash and fringe benefits.

What is Hong Kong salary tax?

Hong Kong salary tax is imposed on the annual earnings and perquisites received from an employee’s work and employment in Hong Kong.

What is remote payroll in Hong Kong?

A remote payroll in Hong Kong is where a foreign company, i.e. a non-resident company, payrolls a resident employee in Hong Kong. One option for a non-resident company to payroll its employees (local and foreign) in Hong Kong is to use a fully outsourced service like a GEO, which will employ and payroll the staff on their behalf.

How to claim exemption from tax in Hong Kong?

An employee who wish to claim full / partial exemption of income or relief, may lodge his claim in his Tax Return- Individuals. Sometimes a person may be assigned or seconded to the Hong Kong office by the non-Hong Kong parent company. The employer to be named in item 1 of Form IR56B will be the Hong Kong company.