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Printable Form 8824 Louisville Kentucky: What You Should Know

COMPENSATION FOR ASSIGNS This form must be included with both individual income tax returns. This form is used to calculate any payments due to an employer. Form 1065 — IRS A personal residence for the sole purpose of conducting business (as opposed to residential use) should include the following information on this form: COMPENSATION FOR ASSISTANTS All employees in the employ of an out-of-state business located in Kentucky shall be assessed the applicable Kentucky gross income tax rate of 11 percent. The employees' federal withholding may be required. COMPENSATION FOR PERSONS OTHER THAN EMPLOYERS Employees of Kentucky businesses whose gross income tax rate is 11 percent or higher, other than those in the business category, shall be charged an annual 1.5 percent tax upon gross income not exceeding 10,000 on their Kentucky gross income tax return. COMPENSATION FOR EMPLOYERS (FOR's, HINDS) of the state or local government, county, or school district may be required to pay 10 percent of their Kentucky gross income tax liability in lieu of Kentucky tax withheld. No tax withholding is required for these employees; however, a 3.5 percent additional withholding is due on Kentucky gross income within 500 of the employee's adjusted gross income. PERSONAL PROPERTY AND BUSINESS ASSETS All taxable property (including personal property), business assets, and business liabilities of persons other than individuals, for which income tax is assessed and to which taxation applies shall be assessed according to the tax basis of the property or liability. The tax basis of personal property and business assets is determined in the year of sale or disposition. Business liabilities that are not in the individual's immediate possession at the time of sale should be assessed at their depreciated market value on the date of sale, except that a taxpayer will be required to appraise the fair market value of property sold within a reasonable time prior to the date of sale and thereafter and may be required to appraise the fair market value at intervals not to exceed five years. FOR's and HINDS of the state or local government, county, or school district may be required to pay 10 percent of their tax liability in lieu of state tax withheld. No tax withholding is required for these employees. However, a 3.5 percent additional withholding is due on Kentucky gross income within 500 of the employee's adjusted gross income.

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