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Taxpayers must pay their taxes "as they go." For many taxpayers, their income taxes are withheld from their paychecks. For taxpayers that don't have any withholding, they will need to make estimated tax payments.
This week is Shark Week on the Discovery Channel. Last year, we told you how every week is "Shark Week" for the self-employed in Connecticut. Now, a year later, there is even more blood in the water.
Recently enacted legislation makes significant changes to Section 12-700(a) of the General Statutes retroactive to January 1, 2011. Employers and taxpayers need to perform catch-up withholding for the current tax year. The following is a brief overview of the changes which may affect your employees:
Employers need to get three tax documents from new employees before they start work.