WebDefinitions of royalty. noun. royal persons collectively. “the wedding was attended by royalty ”. synonyms: royal family, royal house, royal line. see more. noun. payment to the holder of … WebWhat is 28% backup withholding? BMI is required by the IRS to withhold 28% of payments made to royalty recipients who according to the IRS, have provided BMI with an inaccurate social security number or federal tax ID number. This 28% deduction against your royalties is called backup withholding and must be delivered by BMI to the IRS immediately.
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