What is the purpose of Form GA-V?

What is the purpose of Form GA-V?

• A. Quarterly Withholding Tax Payment Voucher
• B. Monthly Withholding Tax Payment Voucher
• C. Yearly Tax Refund Request
• D. Employee Withholding Exemption Form

Answer: (B)

The purpose of Form GA-V is to facilitate the monthly payment of withholding taxes. This form is utilized by employers who are required to withhold taxes from their employees' wages and remit them to the Georgia Department of Revenue on a monthly basis. By using Form GA-V, employers can efficiently submit the amount withheld during the previous month, ensuring they comply with state tax obligations in a timely manner. Monthly reporting is essential for maintaining accurate tax records and avoiding penalties associated with late payments. In the context of other options, while quarterly tax payments are common for many taxpayers, Form GA-V specifically addresses monthly payments. A yearly tax refund request could pertain to individual income tax filings but is not relevant to the purpose of this form. The employee withholding exemption form serves a different function, allowing employees to claim exemptions from tax withholding rather than facilitating a payment process for employers.

The purpose of Form GA-V is to facilitate the monthly payment of withholding taxes. This form is utilized by employers who are required to withhold taxes from their employees' wages and remit them to the Georgia Department of Revenue on a monthly basis. By using Form GA-V, employers can efficiently submit the amount withheld during the previous month, ensuring they comply with state tax obligations in a timely manner. Monthly reporting is essential for maintaining accurate tax records and avoiding penalties associated with late payments.

In the context of other options, while quarterly tax payments are common for many taxpayers, Form GA-V specifically addresses monthly payments. A yearly tax refund request could pertain to individual income tax filings but is not relevant to the purpose of this form. The employee withholding exemption form serves a different function, allowing employees to claim exemptions from tax withholding rather than facilitating a payment process for employers.