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Form 1040 (Schedule H) College Station Texas: What You Should Know

Note: Any person who performs work in your household or who is employed by you  in your household must complete Schedule H, Form 1040. However, the wages you pay to the person in your household will not be subject to income tax. Example: A person paid 20 per hour to perform tasks in your household (work done); and You paid this person an hourly wage of 15 plus tips, and the person in your household is in a position of  payroll  control. In this situation, you will not have to withhold any income tax from the wages unless (1) you elect to have the  person pay the employer the full amount of the earnings tax withholding, or (2) the amount of the wages (if 15) exceeds 40 percent of the person's after-tax employment income (the sum of wages and tips). 05-151 Texas Work Opportunity Tax Credit — Schedule H To claim your credit, you must provide a written estimate of the fair market value of fringe benefits you provided to an employee. This will be done by completing the Schedule H. If the employee of whom you claim the credit would not have had to have received fringe benefits but for you making the employee an offer to provide such fringe benefits, you cannot include in the credit the 5.04 a month you claim as a credit against the Texas Work Opportunity Tax Credit. Example: You offer a job to an applicant. You may use your 15 a month tax credit of your Texas Work Opportunity Tax Credit for 25 a month of fringe benefits, including health insurance coverage. Example: You offer a job to an individual, and he receives 10 a day in wages plus 4 a lunch that is provided free of charge, in accordance with  TAC 5.010(l)(2) from the TMB. The employee of whom you claim the credit would not have been required to pay the required health insurance, but you may include 15 a month for fringe benefits in your credit if you are in a job that required the individual to be insured. The Texas Work Opportunity Tax Credit applies only to Texas residents. Schedule H — Schedule A employee of your household who have been hired for a specific job and will work for you for a minimum number of days in a taxable year. If this employee does not work for you for the entire taxable year it is the employee's responsibility to report him or her on the Schedule A.

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