Hawaii Account Stated for Construction Work
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How to fill out Account Stated For Construction Work?
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FAQ
Construction contractors are subject to income tax, general excise tax (GET) and use tax. A contractor with employees is also subject to withholding and unemployment tax. This Tax Facts answers basic questions about how these taxes apply to construction contractors.
What is Hawaii's sales tax rate? Hawaii does not have a sales tax; instead, we have the GET, which is assessed on all business activities. The tax rate is 0.15% for Insurance Commission, 0.5% for Wholesaling, Manufacturing, Producing, Wholesale Services, and Use Tax on Imports For Resale, and 4% for all others.
Does Hawaii limit the amount of retainage that can be withheld from a contractor? Retainage may not exceed 5% of funds due. Once the project is 50% complete, retainage must be eliminated if progress is satisfactory (if progress is unsatisfactory, retainage may be continued).
Hawaii courts recognize actions to recover damages for injury to real or personal property, or for bodily injury or wrongful death, arising out of a deficiency or negligence, in the planning, design, construction, supervision and administering of construction, and observation of construction.
Contractors performing retail services must collect sales tax based on the tax rate of the jurisdiction where they perform their services. Wholesale sales: Businesses making wholesale sales do not collect retail sales tax on their charges.
The GET is a privilege tax imposed on business activity in the State of Hawaii. The tax is imposed on the gross income received by the person en- gaging in the business activity. The GET applies to nearly every form of business activity.
Overview. Employers need to withhold Hawaii income taxes on employee wages. Employers then pay the withheld taxes to the State of Hawaii, Department of Taxation (DOTAX). Employees reconcile their withholding taxes paid as part of their Individual Income tax return.
The exemption provided in section 444-2.5, Hawaii Revised Statutes, allows you, as the owner or lessee of your property, to act as your own general contractor even though you do not have a license. You must supervise the construction yourself. You must also hire licensed subcontractors.