Washington State Form 17 Withholding In Florida

State:
Multi-State
Control #:
US-00056DR
Format:
Word; 
Rich Text
Instant download

Description

The Washington State Form 17 Withholding in Florida is a crucial document for the accurate withholding of taxes during property transactions. This form specifically addresses the requirements for non-resident sellers of real estate in Florida, ensuring compliance with state tax obligations. It is designed for use by various legal professionals including attorneys, partners, owners, associates, paralegals, and legal assistants. Key features of the form include fields for the seller's and buyer's information, details of the real estate being sold, and the specified professional fee payable to the agent upon closing. Users must complete the form with clarity, indicating whether the agent represents the buyer, seller, or neither. Effective filling, signing, and submission of the form are essential to avoid penalties and ensure a smooth transaction process. This form is particularly useful in ensuring legal compliance and mitigating tax liabilities for non-resident sellers engaging in real estate deals in Florida.

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FAQ

U.S. States that Require State Tax Withholding Forms Alabama. Arizona. Arkansas. California. Connecticut. District of Columbia. Georgia. Hawaii.

While sellers have always been required to disclose material facts, the Form 17 has been required by law (RCW 64.06. 020) since January 1, 1995. It has undergone ten revisions since its inception, the last of which went into effect in 2021.

Washington does not have a corporate income tax but does levy a state gross receipts tax. Washington has a 6.50 percent state sales tax rate and an average combined state and local sales tax rate of 9.38 percent. Washington has a 0.76 percent effective property tax rate on owner-occupied housing value.

How Your Washington Paycheck Works. Washington state does not impose a state income tax.

Deductions include a total of 1 12.96% (or $10,368.10) for the federal income tax, 2 0.00% (or $0.00) for the state income tax, 3 6.20% (or $4,960.00) for the social security tax and 4 1.45% (or $1,160.00) for Medicare.

No income tax in Washington state Washington state does not have a personal or corporate income tax. However, people or businesses that engage in business in Washington are subject to business and occupation (B&O) and/or public utility tax.

The following states have no income tax and don't require state W-4s: Alaska. Florida. Nevada.

Washington State requires sellers of residential real property to thoroughly disclose material facts on a form called the Residential Real Property Disclosure Statement (often referred to as Form 17).

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Washington State Form 17 Withholding In Florida