I don't understand the term "backup withholding" on the tax forms. I need to know whether to check the "exempt" box or not, etc. Thanks in advance!
unless you have been informed by the IRS that you are subject to backup withholding you are exempt.
Backup withholding is when they believe you will owe extra tax - like on bonuses or interest. Some employers will use backup withholding if they question social security numbers while they verify them.
Mostly all employees are exempt.
Most investments are not exempt.
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