Philadelphia Business Tax Account# question??

Question

I want to rent out my home & they say I need a Business Tax# to pay taxes on any profit I make. However the form is asking for employer info & talking about wage taxes. I have a job & I pay my Philadelphia wage tax already through my paycheck. So does that not apply to me?? I am thinking maybe they only mean for people who work under the table to pay taxes, but i am not sure. I dont want them taxing me on my work wages again. Please help me out if you can thank you :)

http://www.phila.gov/revenue/pdfs/Rev%20PDFs/T-5_Instructions.pdf

Answer 1

Bebe, what they are asking for is a Federal Employer Identification Number (FEIN), which is a number that identifies businesses, just like a SS number identifies you.  If you have employees, you will have to withhold taxes from their wages and submit them under your FEIN, and when you file a tax return for your business income, you will also use that number.  if you are not a corporation or partnership, you will use the FEIN ONLY on the Schedule C or Schedule E, not on the 1040.

  You apply for a FEIN through the Social Security Administration.  This may be done on line through the ssa.gov website, and there is no charge.

  Does this help?