Question

One of Sherwin's independent contractors neglects to provide Sherwin with the appropriate TIN. Accordingly, Sherwin must...

One of Sherwin's independent contractors neglects to provide Sherwin with the appropriate TIN. Accordingly, Sherwin must take backup withholding out of the payments of $42,351 to the contractor of:

a.$0

b.$11,858.28

c.$16,771.00

d.$10,587.75

Backup of 28% is required if a TIN is not reported. $42,351 x 28% = $11,858.28.?

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Answer #1

Ans:

Yes Correct answer is $11,858.28.

When a contractor neglects to provide with appropriate TIN, backup withholding at Higher rates are required. This is to be done to monitor control on appropriate Tax collections for the government.

So withholding of Tax:

Payment amount : $42,351

Back up rate : 28%

Withholding amount : $42,351*28% = $11,858.28

So correct answer is option B.

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