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Is withholding tax a direct tax?
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Corporate tax is a tax on the profits of corporations ( joint stock companies) . This tax can be collected according to a progressive scale of taxation ( for example, in t…he U.S.) that provides the several multiple levels of profits and the use of the increasing ( progressive ) tax rates for each subsequent level , and on the plane scale, where one and the same tax rate applies to all levels of income ( as, for example income tax on individuals in Russia) . Simply put: Direct taxes are those, such as income tax or corporation tax, that are levied directly on the tax payer by means of some process of assessment.
no service tax is not a direct tax. b'coz direct tax is directly imposed on person and it can't be transfered on the other person. Service tax is levied on service provided an…d it is levied and collected from clients. so service tax is an Indirect Tax.
There are many ways to do so...questions on why your withholding is what it is should be addressed to whoever is making the calculation, which is done pursuant to the info you… provide on your W-4. AGAIN, IT IS CONTROLLED BY YOU...NOT SOME OUTSIDE or SET AMOUNT. If you need to adjust it, because your circumstances require more or less to be withheld to approximate your liability after other income, or special dedcutions you may have...that can be done through them. Understand that many things are withheld from pay, some but not all are tax...and not all people call the same things "tax". Is FICA contributions tax? Many don't think so. Or unemployment contributions? Etc. So you have to define what it is you're speaking about. The amount wittheld, like the amount of tax actually determined to be due, is dependent on many, many factors...such as your maritial and family status, other income and expenses, how other employer beenfits are handled (like retirement contributions, health and medical, etc., etc). It is very reasonable to say that even 2 people at the same job making the same salary will commonly have very different amounts withheld.
Withholding taxes are taxes that are subtracted from a payment by a third party before you receive the payment. Examples of this are: your employer takes taxes out of your pay…check before giving you your pay only only gives you what is left of your pay. Or a casino subtracts taxes from a jackpot you won and only gives you what is left. Non-withholding taxes are taxes you have to pay yourself directly to the government. Examples are a check you send with your Form 1040 or a payment you send when you get your real estate tax bill. Remember that withholding taxes do not represent the actual amount of tax you owe. They are just a crude estimate of what you actually owe. The actual amount owed is calculated when you fill out your Form 1040 at the end of the year. Most people do not properly fill out Form W-4 that they give to their employer and so pay much more withholding tax than they need to. Then at the end of the year when they fill out their Form 1040, they get a refund.
Same thing different words
Withholding tax is not required in SAP but this functionality available for the countries where it is required. There are two kinds of Withholding tax, Classic and Exten…ded.
When a person, such as an employer, makes payments to another person, they must withhold and then pay a specified percentage of this payment to the Internal Revenue Service (I…RS). This is called backup withholding . These payments have conditions set by the IRS, and there are many variables regarding what type of payments backup withholding can apply to.. Backup withholding payments can apply to most payments that are reported on an IRS Form 1099. These can include interest payments and payments by brokers, as well as royalty payments. Other payments may include dividends, patronage dividends if at least half the payment is in money, rents, and profits. Commissions, fees, or payments for work undertaken as an independent contractor may also be liable to backup withholding.
For all my fellow students, the correct answer is SALES tax. :)
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.
Yep. Either that or the Farmworkers Health Study is running a hell of a racket.
By withholding I will guess that you mean the amounts that you are contributing to your 401K BEFORE income taxes (deferred compensation amount) that will not be subject to the… income taxes during the year and will reduce the amount of your taxable gross wage amount that is reported in box 1 of your W-2 form at the end of the tax year. The deferred contribution amounts will be subject to income tax in future years when you retire and start receiving distribution the taxable distribution amounts from your 401K plan and at that time the taxable amounts will added to all of your other gross worldwide income on your 1040 income tax return and subject to the federal income tax at your marginal tax rate.
No, any tax paid to a retail store or gas station is called an indirect tax. It is an indirect tax because you pay the tax to the store and they have to pay the tax to the… government.
Yes, in the sense that the garnishment comes out of your net paycheck, i.e. after you have already had taxes withheld on the gross pay. It is just as if you received y…our full net pay before garnishment, then turned around and submitted the garnished amount to the garnishing agency.
Withheld taxes are used for several things. City taxes and state taxes are withheld from one's paycheck. Federal taxes are also withheld from your check. That amount depends o…n number of kids and if one is married. It also depends on if one is head of household.
So here's where I'm at. I always claimed zero at work and got a big tax return. I got $8500 or so in 2013. I adjusted it at work (not sure to what) and got $500 more in my… paycheck each month. My refund this yea was about $4600. 1770 on state and 2800+ on fed. Since it only dropped in half by taking $500 in my check, could I take another $400 or so and try to get it near $0. Trying to get as little as possible without going into the negative