In order to apply the withholding to the gain, the seller must complete Form NR-AF2 (Affidavit of Seller's Gain) attesting to the amount of the taxable gain. As an employer, you must record sums that are withheld from employee wages in a ledger account to clearly indicate the amount of state tax withheld.The withholding agent is also responsible for correctly reporting on Form 1042-S the income paid and the withholding applied. If you do not withhold enough throughout the tax year you may still owe when you file your taxes. Employees can update their Federal and State income tax. You must fill-in the property identification number in order to submit this application. The IRS Tax Withholding Estimator is available to help employees determine the proper amount of federal income tax withholding. An incorrect name spelling or address does not invalidate the W-2 form. Sign up here to receive timely email reminders to file these important documents. Tax Year 2024 was the culmination of Montgomery County's Five Year Revaluation cycle.