Backup withholding is an investment tax levied by the IRS at a fixed rate of 24% on all sources of income, like dividends, interest payments, royalties, rents, and gambling winnings.Backup Withholding Extended DefinitionBackup withholding is a form of income tax mainly applicable to investors. ...
Taxpayers may also be subject to backup withholding if they did not provide the correct TIN or if they did not report dividend, interest, or patronage dividend income to the IRS. Other types of payments also subject to backup withholding include rents, royalty payments, profits,commissions, fees...
Define backup. backup synonyms, backup pronunciation, backup translation, English dictionary definition of backup. one who supports or reinforces another: I’m his backup; a copy or duplicate version of a file, program, or computer system: I made a backu
1.The holding back of a portion of wages, dividends, interest, pension payments, or various other sources of income for payment of taxes to the U.S. Treasury. See alsobackup withholding. 2.The illegal holding back of a portion of securities allocated as part of a new issue to a member...
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- the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions...- persons, and Backup withholding on dividends and interest. The amount of tax withheld is based on the amount of payment subject to...
(b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the...
FICAmeans the Financial Intelligence Centre Act No. 38 of 2001, as amended; Taxesmeans all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, add...
The meaning of TRANSITIONAL is marked by transition : involving, providing, or consisting of a passage, movement, or change from one state, condition, subject, place, etc., to another. How to use transitional in a sentence.