Q:

What is Publication 505 on the IRS.gov website?

A:

Quick Answer

IRS Publication 505 is a document outlining the process for withholding and the details of estimated tax that individuals must adhere to when paying taxes. Some of the areas it covers include sick pay, gambling winnings, tips and salaries.

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Full Answer

Taxpayers can get information on the regulations for withholding tax from different types of income in Publication 505. It also provides information on different forms such as W-4, W-4P, W-4S and W-4V. The IRS W-4 form is important when starting a new job or when new changes occur to adjustments, marital status, credits or deductions. Those who fail to pay enough taxes during a particular year face penalties for each payment period.

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