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Form 1096 Corona California: What You Should Know
If you have a business where you don't have any employees, and you are making less than 75,000, you can save money. You don't have to worry about making any tax payments. Your employer deducts 10% of your salary and pays taxes on that with you. If you are an employer not-for-profit organization, you will need to file Form 1096. Here are a few things to know: There are two forms 1096: 1) 1099-MISC which is for “Non-Profits”, and 2) 1096-T, which is for all other non-profits. If you make 10+/hr, you should file IRS Form 1096. If you made less than 10/hr, or you're making more than 75,000, then you want to file IRS Form 1096T, otherwise known as Form 1096. If you make 9.50-15/hr, you should file IRS Form 1096. If your pay was more than 9.50-15/hr, or you're making 75,000-200,000, then you need to file IRS Form 1096-X, otherwise known as 1096. You can use Form 1096-X for non-exempt employees or for nonprofits. The Form 1096-X is for all employees, for employees who make more than 75,000, and for nonprofits. Form 1096-T is for non-profits. The IRS has rules that require an “Excess Expenses Expense” to be reported on the 1096 form. It covers a broad list of expenses, and most companies will also owe taxes on those fees. The IRS also has rules that require companies to pay a fee, called an “Adjustment to Expenses.” The amount depends on both your Adjusted Gross Income and the number of employees. (To learn more about your 1096 tax, you can see my previous blog on Form 1096 for Small Businesses and 1096 for Taxpayers that pays employers at the end of the blog. If you don't have a copy, then contact tax help.gov, or you can call 800–829–1042, and they will send you a copy.
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