Get 740np Es Form 2022-2024

2022 Kentucky Standard Deduction: $2,770. 2022 Kentucky Tax Rate: 5% of taxable income. Formula: Wages for the pay period multiplied by the number of annual pay periods equals annual wages.

Annual wages minus the Kentucky standard deduction equals annual Kentucky wages. Compute tax on wages using the 5% Kentucky flat tax rate to determine gross annual Kentucky tax. Divide the gross annual Kentucky tax by the number of annual pay periods to determine the Kentucky withholding tax for the pay period.

Every pass-through entity doing business in Kentucky, except publicly traded partnerships, must withhold income tax on the distributive share income—whether distributed or undistributed—of each nonresident individual partner, member, or shareholder. The withholding rate is 5%.

If you already have a KY Withholding Tax Account Number and an assigned deposit frequency, you can find this online, or on any previous Form K-1 or K-3, or on correspondence from the KY Department of Revenue. If you are unsure, you can contact the KY Department of Revenue at 502-564-3306 or 502-564-7287.