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Click ‘Get Form’ to open the virginia 502w in the editor.
Begin by entering your Pass-Through Entity's FEIN and select the entity type from the provided options, such as S Corporation or General Partnership.
Fill in the NAICS code, which is a 6-digit number that classifies your business. You can find this code on the Department’s website.
Indicate the month and year for which you are making the payment. This ensures proper credit for your payment in the correct taxable year.
Calculate the withholding amount by determining either the total taxable income of your PTE or each nonresident owner's income, applying a 5% tax rate, and adjusting for any applicable tax credits.
Enter the total amount of payment due in the designated field and ensure all information is accurate before proceeding.
Finally, sign and date the form, providing your phone number for any necessary follow-up.
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Withholding Formula (Effective Pay Period 08, 2024) If the Amount of Taxable Income Is:The Amount of Virginia Tax Withholding Should Be: Over $0 but not over $3,000 2.0% Over $3,000 but not over $5,000 $60.00 plus 3% of excess over $3,000 Over $5,000 but not over $17,000 $120.00 plus 5% of excess over $5,0001 more row May 31, 2024
How many Virginia state troopers are there?
Virginia State Police Virginia Department of State Police General nature Civilian police Operational structure Headquarters North Chesterfield, Virginia Troopers Special Agents 2,118 (as of 2018)25 more rows
What is the Virginia state withholding percentage?
Virginia tax brackets: Income*Tax rateOf excess over 0 to $3,000 2 percent Over $3,000 to $5,000 $60 + 3 percent $3,000 Over $5,000 to $17,000 $120 + 5 percent $5,000 Over $17,000 $730 + 5.75 percent $17,000 Feb 23, 2025
What is the VA 502 nonresident withholding?
The PTE is required to withhold 5% of the share of taxable income from Virginia sources that is allocable to each nonresident owner. The amount of withholding tax may be reduced by any tax credits that were earned by the PTE and allowable by the Code of Virginia that pass through to nonresident owners.
What is the tax rate for an LLC in Virginia?
Virginia has a 6.0 percent corporate income tax rate. Virginia also has a 4.30 percent state sales tax rate, a 1 percent mandatory, statewide, local add-on sales tax rate, and an average combined state and local sales tax rate of 5.77 percent.
Calculating Your Withholding Tax Marginal Tax Rates for 2024 10% $11,600 or less $23,200 or less 12% $11,601 to $47,150 $23,201 to $94,300 22% $47,151 to $100,525 $94,301 to $201,050 24% $100,526 to $191,950 $201,051 to $383,9004 more rows
What is VA form 502W?
Form 502W - Virginia Pass-Through Withholding Tax Payment.
Related links
Girls Home, 502 W. Clay Street, Richmond, Va. [brochure]
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This eForm supports direct debit only. If you would like to pay your withholding payments by ACH Credit (payments initiated by your bank) do not complete this
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