Asked in Business & FinanceSalary and Pay RatesFederal Laws
Business & Finance
Salary and Pay Rates
When do W2's have to be in the hands of an employee?
Asked in Tax Forms, Lowe's
How does an ex-employee of Lowe's get their W2?
Asked in Labor and Employment Law
Should an employee be fired for putting hands around another employees neck?
Asked in Salary and Pay Rates, Income Taxes
What is difference between foregoing and surrender of salary?
Foregoing: waiver of salary by an employee is called foregoing of salary. Since income under the head 'Salaries' is taxable on accruel or reciept, whichever comes earlier, the entire amount foregone will be taxable in the hands of employee. Eg: an employee directs his employer to give his salary to a charitable trust. The amound given to charitable trust is taxable in the hands of employee. Surrender: If an employee surrender his salary to the central government under the Voulantary surrender of salaries act 1961, the tax on such amound surrenderd need not be paid.