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<br />APR-13-200r 13:53 <br /> <br />IRS TEGE CAS <br /> <br />513 263 4540 <br /> <br />P.05/05 <br /> <br />-4~ <br /> <br />GOOIJ~mN POINT WATER ASSOCIATION <br /> <br />Pent.:.ties may be iInposed for failure to comply with these requiremen.ts. <br />Add:Ll:lorw.l information is available in Pul'Jlication 557, Tax-Exempt Status for <br />YOUJ' organization, or call our toll free number shown above. <br /> <br />EXCESR BENEFIT TRANSAC'1'IONS <br />(Applies to SOl{c) (4) organizations) <br /> <br />EXco,.s benefit transactions are governed by section 4958 of the code. Excess <br />be.nn:it transactions involve situations where a section 501{c) (4) organization <br />proi,.Ldes an unreasonable benefit to a peraon who is in a position to ex:erciae <br />subll~antial influence'over the organization's affairs. If you believe there <br />may .:le an excess benefit transaction in which you are involved, you should <br />repl)ct the transaction on FOrn\ 990 or Form 990-EZ. For infonnation on how to <br />cor:;!.ct and report this t.ransaction, see the instructions for Form 990 and <br />Fonn 990-EZ, or call our toll free number shown above. <br /> <br />EM1?LOYMENT. TAXES <br /> <br />If {:lU have employees, you 9.re subject to income tax withholding and the social <br />secJrity taxes imposed under the Federal Insurance Contribution Act (FICA). <br />You are required to withhold Federal income tax from your employee I s wages and <br />you are required to pay FICA on each employee who is paid more than $100 in <br />Wa.9~s during a calendar year. To know how much ;!.noome tax to withhold, you <br />ahoJld have a Form W-4, Employee'S Withholding Allowance Certificate, on file <br />for each employee.' <br /> <br />You are also liable for tax under the Federal unemployment Tax (Fl'JTA) for ea.ch <br />employee you pay $50 or more during a calendar quarter if, during the current <br />or ~receding calendar year, YO"U. had one or more employees at any time in each <br />of ~ 0 calendar weeks or you paid wages of $1 r 500 or more in any calendar <br />qualter. <br /> <br />Em}; loyment taxes are reported on Form 941, Employer's QUarterly Federal Tax <br />RetLrP. The requirements for withholding, depositing, reporting and paying <br />eIIlI loyrnent taxes are explained in Circular E, Employer' 5 Tax Guide, <br />(p\:).licatioll 15), and Employer 1 s supplemental Tax Guide, (Publication lS-A) . <br />Theue publications explain your tax respoJ;lsibilities as ;;nl employer. <br /> <br />Letter 948 (DO/CG) <br /> <br />TOTAL P.05 <br />