Vermont Statutes Title 32 Sec. 5841
Terms Used In Vermont Statutes Title 32 Sec. 5841
- Commissioner: means the Commissioner of Taxes appointed under section 3101 of this title or any officer or employee of the Department authorized by the Commissioner (directly or indirectly by one or more redelegations of authority) to perform the functions mentioned or described in this chapter. See
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: shall include an individual, firm, partnership, association, joint stock company, corporation, trust, estate, or other entity. See
- Taxable year: means the calendar year, or the fiscal year ending during the calendar year, with respect to which a tax is imposed under this chapter and, in the case of a return filed with respect to a fractional part of a year, the period with respect to which the return is filed. See
§ 5841. Requirement and rate of withholding
(a) Every person who is required under the laws of the United States to withhold federal income tax from payments that are also subject to Vermont income tax shall deduct and withhold during the calendar year from the payments made by such person such amount as the Commissioner shall prescribe. Every person who makes payments of income with respect to services performed for such person that were previously deferred under a nonqualified deferred compensation plan shall deduct and withhold during the calendar year from the payments made by such person six percent of any payment (including any withheld tax) of such previously deferred income and of income derived from such previously deferred income. The Commissioner may authorize any person to deduct and withhold Vermont income tax from any other payments that are subject to the tax imposed by this chapter. Notwithstanding the foregoing, banks (as defined in 8 V.S.A. § 909a(a)) shall not be required to withhold Vermont income tax from payments that are subject to federal back-up withholding.
(b) The Commissioner shall establish such withholding tables, schedules, or formulae as will result in the withholding of such amounts from the payments made by any person during any taxable year, as shall closely approximate the income tax liabilities of the recipients of those payments with respect to those payments for that year under this chapter.
(c) Every person who is required under this subchapter to withhold income taxes from payments of income, except for the government of the United States, shall provide the aggregate cost of applicable employer-sponsored coverage required under 26 U.S.C. § 6051(a)(14) regardless of the number of W-2 forms filed. (Added 1966, No. 61 (Sp. Sess.), § 1, eff. Jan. 1, 1966; amended 1985, No. 266 (Adj. Sess.), § 3, eff. June 4, 1986; 1989, No. 210 (Adj. Sess.), § 298, eff. June 1, 1990; 1989, No. 222 (Adj. Sess.), § 6, eff. May 31, 1990; 1991, No. 67, § 24, eff. June 19, 1991; 2015, No. 57, § 67.)