Form 1042 for South Carolina 2024-2025

Form 1042 for South Carolina: What You Should Know

E. 2025 and 2023)! The amount shown for the payment is the amount that has been withheld from that payment. There is tax withheld from the student's pay check. The instructions for this form is: Fill out all required fields. Attach a copy of your student tax ID. The total dollar amount that you have withheld for the payment amount is entered on line 11. You would attach a copy of the tax ID to show the amount withheld and when the payment should be paid. The remaining amount should be entered on line 13. The instructions on this form does not cover all types of income. For example, a child's scholarship (such as a scholarship or fellowship) is exempt from withholding. The amount shown in line 1 is the amount of tax withheld from that payment (this usually varies from year to year). It is usually less than the current market yield that the student may receive. For example, I am currently receiving a 9% yield on my portfolio. (I have a fixed term contract and the contract has a 1-year term). That means that you have to factor in (based on your personal tax situation), the value of the portfolio at each contract expiration. The tax withholding would be about 3.7% if I were in that scenario and only about 1% if I were in the scenario where I had not yet signed the contract. That may or may not mean the same thing for some people.   To get a “feel” for how this works, here is some data I used in 2016. I was in a situation where I was paying for my children education for 4 years (2 years of kindergarten and 1 year of middle school). I paid 8% tax on that. The income tax withholding would have been 6,400 which totaled 3,700.  The income tax was 10%, so 3,700 was deducted from my paycheck and 2,400 was deposited into the student's bank account. I am currently in year 3 of working with my own students and that is a pay-as-you-go, so they were paying me 7-8k/year. The pay from the students was approximately 10k/year, so tax was only about 2,200. I had them all pay a small supplement for tuition expenses based on the market yield of their investment.

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