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No...all it is is the method of collecting tax...it isn't a tax. Andof course, if you don't have withholding, like a self employed, you must make estimated payments every quarter. Simply, a large amount of people do not have the understanding or ability to calculate and put aside the money to pay the tax when otherwise due.
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Why withholding tax is required in SAP?
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 Extended.
What is the purpose of Form W-4 within the USA?
The Tax Form W4 is used by employers to see how much tax withholding they should do on an employees' wages. With over-withholding does not have any consequences, under-withholding can lead to penalties.
Difference between income tax and withholding tax?
The income tax is what is paid by "withholding of tax" from someones payment/pay. Other taxes or charges, like insurance, worker comp, etc may be [apd by withholding the amount from payment/payroll. There is really no such thing as a tax on withholding.
What is Classic Withholding Tax?
Classic Withholding Tax applies to the practice in some countries for people paying invoices to hold back a certain portion of their payment for withholding tax purposes. The United Kingdom is one of the countries the utilizes the Classic Withholding tax method.
Is withholding tax a direct tax?
yes
What is total federal income tax withholding reported on the Thurstons' tax return?
16. The Thurstons' total federal income tax withholding is $
What is the type of tax you pay from their salary?
withholding tax
Is overseas communication tax an expanded withholding tax?
No. Its an excise tax
What is the money retained from a paycheck and credited against tax liability?
It is called tax withholding. Many people simply call it withholding.
Is a retirement pension subject to Federal Income tax withholding?
Yes, retirement pensions are typically subject to Federal Income tax withholding unless they are from non-taxable sources such as Roth IRAs. The amount of tax withheld depends on the individual's withholding elections and tax bracket.
What tax withholding is required by the federal government?
social security tax
What has the author Ross McGill written?
Ross McGill has written: 'Investment withholding tax' -- subject(s): Taxation, Portfolio management, Withholding tax, Investments 'Technology Management in Financial Services (Finance and Capital Markets)' 'International Withholding Tax'
