What is a tax true-up?
A true-up is when Marlin reconciles the estimated taxes paid by the lessee to the actual tax billed by the tax jurisdiction. If the lessee overpaid the taxes, they will receive a credit, via check or credit to rental due. If the lessee underpaid, Marlin will invoice the difference. This is a standard practice with leasing companies.
Related Questions
- How do I fill out Line 3 of the IL UI-3/40 IDEAS form? It says to report wages in excess of $12,960 per worker per calendar year. The calendar year part is throwing me off. Isnt it just the wages in that qtr over the base amount? Pls. help.
- How much should I set aside for taxes as an independent contractor?
- What is a tax true-up?