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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.
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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.
Is withholding tax a direct tax?
yes
What is the money retained from a paycheck and credited against tax liability?
It is called tax withholding. Many people simply call it withholding.
What is the accounting double entry when a company pay withhold tax?
When paying withholding tax the double accounting method would be to first post the amount as an Accounts Receivable, under Withholding Tax. The next step would be to post the amount to Accounts Payable under Withholding Tax.
Difference of withholding tax and tax withheld?
Same thing different words
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.
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.
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'
What is the accounting double entry when a company pay withhold tax?
When paying withholding tax the double accounting method would be to first post the amount as an Accounts Receivable, under Withholding Tax. The next step would be to post the amount to Accounts Payable under Withholding Tax.
Difference of withholding tax and tax withheld?
Same thing different words
