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ID Form 668-B: What You Should Know
Individual will be entitled to the appropriate exemption depending on the total adjusted gross income to which each exemption is applicable. If the taxable income is 100,000 or less each exemption is 4,000 or 2% of the employee's adjusted gross income less 4,000; from 100,001 to 250,000 each exemption is 2.5% per 100,000 or 25 times the employee's adjusted gross income less 4,000; from 250,001 to 500,000 each exemption is 2% per 100,000 or 50 times the employee's adjusted gross income less 4,000; from the greatest of 500,001 or 1,000,000 each exemption is 5% per 100,000 or 50 times the employee's adjusted gross income less 4,000; and from 1,000,001 or more each exemption is 5% per 100,000 or 50 times the employee's adjusted gross income less 4,000. The exemption shall be available for all income earned and paid directly from the employee's pay, not including any income from other sources. 22.214.171.124 Use of Exemption Amounts to Pay Exemption Fees The amount of the exemption exemptions and of the fee may be used, at the spouse's or dependent child's option, to pay the required withholding and remittance of the total amount to the IRS on Form 1040 to pay the fee. However, the exemption amounts must be used first to remove any penalty or interest on Form 1040. In addition, the exemption amounts may be used to pay any other tax imposed on the taxable income, such as State taxes, or on the taxable income less the total and eligible exemptions, including any of the exceptions to the tax. If the spouse or dependent child elects to use his or her refund to pay the fee, the amount of the refund may be transferred to the exemption amount on Form 6033. In the event that the spouse or dependent child elects to use the amount of the refund to pay the fee, and the amount of the refund exceeds the required fee, the spouse or dependent child must allocate the excess amount between the refund amount and the fee.
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