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Form 668-W(c)(DO) Texas Dallas: What You Should Know

Salary, and Other, does not provide the full amount the IRS wants to levy. When you see a statement like “Form 668-W” it does not provide all the Information you need to know to figure your net tax.  A. All the Forms in “Additional Forms and Publications,” below, list the amount you owe the IRS for wages and salaries. Note that these Forms do not include the withholding tax for Social Security and Medicare and for Federal unemployment or severance Taxes as those taxes are calculated at a very high rate. However, these additional forms do provide you  with the information needed to figure Social Security tax and Medicare tax. Forms 726, 733, 735, 743, 748, 755, 766, and 766-B. All forms in this table list the employee's withholding Taxes. Forms 5498, 5494, 5981, 6016, 6017, 7023, 7611, 7321, 7481, and 7748. All of these include information you would need to figure taxes withheld from the wages and salaries you withhold on Forms 668-W, 726 and 733. They do not include the withholding taxes for social security and Medicare, and for Federal unemployment and severance Taxes and for Federal employee and employer social security and medicare taxes. Form 668-W, Notice of Levy on Wages Use this form to notify your employer that you owe back taxes to the IRS. You will need to include these forms: Form 8606, Notice of Federal Unemployment Taxes Form 4020, Notice of Federal Unemployment Tax Form 3903, Notice of Federal Unemployment Tax Form 2320-B, Notice of State Unemployment Tax Form 6695, Notice of Additional Federal Insurance Contributions Form 888, Form 5498, Tax-Exempt Employment Certification (if the unemployment taxes were withheld from your wages) 7-3. Page 3. Part 10: Wages, Salaries, and Other Income; Interest Subtracts Total Taxes for Wages are one of the sources of taxation for an individual's earnings. However, an individual may purchase interest in a stock market in order to earn money from the dividends that result. This is called an “interest deduction” and it is also called a “net interest expense.

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