0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What is scarto tax?
Scarto Tax Explanation- As a generale rule, the rate applied as Substitute tax on Italian Bonds is 12.50% and will be applied if the involved safekeeping account is setup as taxable, i.e. is not covered by proper fiscal documentation allowing relevant tax exemption.Just a brief explanation about how Italian substitute tax works:Taxable clients buying/selling Italian bonds traded on the gross market basis are debited/credited as follows:RECEIPT AGAINST PAYMENT/ RECEIPT FREE: client is Credited with the amount of substitute tax on interests accrued from the previous coupon date of involved security until the settlement date of the trade (and on possible issue discount, i.e. Scarto ).DELIVERY AGAINST PAYMENT/DELIVERY FREE: client is Debited with the amount of substitute tax on interests accrued from the previous coupon date of involved security until the settlement date of the trade (and on possible issue discount ).ON COUPON DATE CLIENT client is debited with the amount of tax related to the whole period (from the previous coupon payment).As a consequence, in case of a trade, just as an example:Period interest rate/days of period(from previous coup. paym to following coup paym)*days from previous coup. paym to settl date = rate of tradeNV*rate of trade%*12.50% = Substitute tax on interestsThe application of the substitute tax for BOT (a particular kind of Governmemnt zero coupon bond) works instead as follows:RECEIVE AGAINST PAYMENT/RECEIVE FREE: client is debited with the amount of the substitute tax on interests accrued from the settlement date of the trade until the maturity date of involved bond.DELIVER AGAINST PAYMENT/DELIVER FREE: client is credited with the amount of the substitute tax on interests accrued from the settlement date of the trade until the maturity date of involved bond.As a consequence, in case of a trade, just as an example:Redemption price-issue price/life of involved bond*days from settl date to maturity date = rate of tradeNV*rate of trade%*12.50% = Substitute tax on interestsJust for your info, "Scarto" is the Italian for "issue discount": if the specific involved bond had a redemption price higher than issue price, an additional piece of 12.50% taxation would be applied on this percentual difference on trades and redemptions.As a consequence, in case of a trade, just as an example and as a general rule:Redemption price-issue price/life of involved bond*days from issue date to settl date = trade issue discount (i.e. Scarto) rateNV*Scarto rate of trade%*12.50% = Substitute tax on ScartoSuch rules can be applied to any kind of bond transaction, independently from the involved kind of trade: no matter if it is free of paym or against paym.
What account that would be credited for the amount of tax collected on sales?
accounts payable
What is the money retained from a paycheck and credited against tax liability?
It is called tax withholding. Many people simply call it withholding.
How does asset depreciation affect my tax burden?
Asset Depreciation will decrease your tax amount owed. If you have assets that have decreased in value and qualify, you can file the loss on your taxes and be credited that amount toward your tax bill.
What happens to your stimulus rebate if the bank account that your tax refund was credited to is no longer open?
If they are unable to direct deposit it, they will mail you a check.
What is scarto tax?
Scarto Tax Explanation- As a generale rule, the rate applied as Substitute tax on Italian Bonds is 12.50% and will be applied if the involved safekeeping account is setup as taxable, i.e. is not covered by proper fiscal documentation allowing relevant tax exemption.Just a brief explanation about how Italian substitute tax works:Taxable clients buying/selling Italian bonds traded on the gross market basis are debited/credited as follows:RECEIPT AGAINST PAYMENT/ RECEIPT FREE: client is Credited with the amount of substitute tax on interests accrued from the previous coupon date of involved security until the settlement date of the trade (and on possible issue discount, i.e. Scarto ).DELIVERY AGAINST PAYMENT/DELIVERY FREE: client is Debited with the amount of substitute tax on interests accrued from the previous coupon date of involved security until the settlement date of the trade (and on possible issue discount ).ON COUPON DATE CLIENT client is debited with the amount of tax related to the whole period (from the previous coupon payment).As a consequence, in case of a trade, just as an example:Period interest rate/days of period(from previous coup. paym to following coup paym)*days from previous coup. paym to settl date = rate of tradeNV*rate of trade%*12.50% = Substitute tax on interestsThe application of the substitute tax for BOT (a particular kind of Governmemnt zero coupon bond) works instead as follows:RECEIVE AGAINST PAYMENT/RECEIVE FREE: client is debited with the amount of the substitute tax on interests accrued from the settlement date of the trade until the maturity date of involved bond.DELIVER AGAINST PAYMENT/DELIVER FREE: client is credited with the amount of the substitute tax on interests accrued from the settlement date of the trade until the maturity date of involved bond.As a consequence, in case of a trade, just as an example:Redemption price-issue price/life of involved bond*days from settl date to maturity date = rate of tradeNV*rate of trade%*12.50% = Substitute tax on interestsJust for your info, "Scarto" is the Italian for "issue discount": if the specific involved bond had a redemption price higher than issue price, an additional piece of 12.50% taxation would be applied on this percentual difference on trades and redemptions.As a consequence, in case of a trade, just as an example and as a general rule:Redemption price-issue price/life of involved bond*days from issue date to settl date = trade issue discount (i.e. Scarto) rateNV*Scarto rate of trade%*12.50% = Substitute tax on ScartoSuch rules can be applied to any kind of bond transaction, independently from the involved kind of trade: no matter if it is free of paym or against paym.
What is the Tax Credit Survey when applying for a Job?
tax credit survey when applying a job is to credited the tax before the gross income of the pay check.
What account that would be credited for the amount of tax collected on sales?
accounts payable
What is the money retained from a paycheck and credited against tax liability?
It is called tax withholding. Many people simply call it withholding.
How does asset depreciation affect my tax burden?
Asset Depreciation will decrease your tax amount owed. If you have assets that have decreased in value and qualify, you can file the loss on your taxes and be credited that amount toward your tax bill.
What is the income tax rate for Macedonia Ohio?
2.25% Effective 1/1/112.0% can be credited from taxes paid to other municipalities
What happens to your stimulus rebate if the bank account that your tax refund was credited to is no longer open?
If they are unable to direct deposit it, they will mail you a check.
What is the difference between tax deducted at source and income tax?
"Tax deducted at the source" is a method of collecting income tax and a few other taxes.Some taxes such as income tax and FICA taxes are collected from wages, gambling winnings, pensions, and a few other types of payments before the payments are given to the taxpayer. These payments are then credited to the taxpayer's account as payments of income tax, etc.
What does bg mean on your mini statement?
my partner went to bank to take out working tax credits but there not in but there was 17.21 BG credited to the account what does this mean?
Do you receive a tax receipt from Goodwill Car Donation?
Any time you make a donation to a credited organization you can receive a tax credit one the donation is over twenty dollars. You just need to ask for it when making you donation
How many children can one person claim on their tax return and actually be credited for?
As many as they can substantiate and qualify as either "quailfying child" or "qualifying relative".
Where do you need to go to donate your car?
To donate a car a place that would be recommended is your local Goodwill. The donation is tax credited which means you can put it on your taxes and get paid for it.
