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Form W-8BEN Illinois: What You Should Know

Form WA, Application for Federal Tax Withholding ‑ due 2. If an individual (FTA) has no withholding for tax year 2011, he/she must withhold 1,250 for each of the 2-year periods beginning in the immediately following tax year at the rate of 6.12% • FICA ‑ 1,250.00 The FICA tax is imposed on income not excluded by the 3,950 income tax deduction. For FICA withheld on wages, this tax must be paid directly from the paycheck or account. If the employer withholds FICA on salaries and wages, the paychecks of employees and the payees in excess of 100,000 are subject to the FICA tax. See: Tax on Self‑Employment Income, Tax on Wage Payments, and Tax on Retirement Plans. • SALARY Deductions — 100,000 for 2011, 110,000 for 2012. This amount includes both employee and FICA deductions. • Wages — 110,000 in 2011, 130,000 in 2012, 100,000 in 2013 • INCOME FROM SELF‐EMPLOYMENT ‑ 9,550.00 in 2011, 12,350.00 in 2024 and 10,150.00 in 2013. • PROFITS ‑ 1,250.00 in 2024 and 1,250.00 in each of the three subsequent years. Tax Rates • FICA ‑ 10% • Wages ‑ 15% • INCOME FROM SELF‐EMPLOYMENT ‑ 10% x 1.5 (i) Wages paid to an individual employee who participates in a bona fide trade or business (e.g. an employer‑employee relationship) and who is: married to, or the dependent of, a person who is a U.S. citizen; or, (j) Compensation paid to an individual employee in the active service of a uniformed service and not otherwise included in this calculation is subject to the additional FICA tax if: (1) the value of the services performed is 400 or more; and (2) the services performed are similar to, or performed in the same field covered by, the compensation received by the employee.

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