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Yes. Income tax is a direct tax. Individuals and businesses pay direct taxes to the government on a regular basis and it is calculated on all sources of income accrued by the business or individual.
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∙ 12y ago
Wiki User
∙ 11y agodirect tax.
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What is fringe benefit tax?
It is the taxation of most, but not all fringe benefits, which are generally no-cash employee benefit.
How much tax is payable for a fringe benefit?
If the fringe benefit is taxable the amount will be added to all of your gross taxable income and taxed at your marginal tax rate. !000 X 10% = 100
Tax advantages of private limited company?
can someone spell out what fringe benefit tax is and how an accountant of a compnay should compute the same
Get texan brief fin pranab gave it the boot unscramble for three words?
fringe benefit tax
What are six ways that a government can earn revenue?
Income tax, consumption tax (gst/vat), harm tax (cigarettes, alcohol etc), tariffs, corporate tax, fringe benefit tax, Witholding tax, non-resident withholding tax!
Are fringe benefits tax free for the employee?
The below information is for the employer and can be found by going to the IRS gov web site and using the search box for Publication 15-B (2010), Employer's Tax Guide to Fringe BenefitsAny fringe benefit you provide is taxable and must be included in the recipient's pay unless the law specifically excludes it. Section 2 discusses the exclusions that apply to certain fringe benefits. Any benefit not excluded under the rules discussed in section 2 is taxable.Including taxable benefits in pay. You must include in a recipient's pay the amount by which the value of a fringe benefit is more than the sum of the following amounts. *.Any amount the law excludes from pay.*.Any amount the recipient paid for the benefit rules used to determine the value of a fringe benefit are discussed in section 3.If the recipient of a taxable fringe benefit is your employee, the benefit is subject to employment taxes and must be reported on Form W-2, Wage and Tax Statement. However, you can use special rules to withhold, deposit, and report the employment taxes. These rules are discussed in section 4.If the recipient of a taxable fringe benefit is not your employee, the benefit is not subject to employment taxes. However, you may have to report the benefit on one of the following information returns.Click on the below Related Link
What are the disadvantages of fringe benefits?
-The benefit can be something that you do not want and you cannot also decline the benefit.
Difference between tax revenue and non tax revenue?
Tax Revenue:Taxes are the first and foremost sources of public revenue. Taxes are compulsory payments to government without expecting direct benefit or return by the tax payer. Taxes collected by Government are used to provide common benefits to all mostly in form of public welfare services. Taxes do not guarantee any direct benefit for person who pays the tax. It is not based on direct quid pro quo principle. Non-Tax RevenueThe revenue obtained by the government from sources other then tax is called Non-Tax Revenue.
Is wealth tax a direct tax or indirect tax?
direct tax
What is fringe benefit?
A payment other than wages or salaries
Is toll tax direct OR indirect tax?
Toll tax is a direct tax
What is the purpose of a tax sheltered annuity?
Tax sheltered annuity refers to an employee making contributions into his/her retirement plan from his/her wages. If this is a direct contribution to the plan, this means the employee has the benefit of tax-free funds.
