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No, withholding tax is not classified as a current asset. It typically represents a liability for the entity that has withheld the tax from payments made to employees or contractors, as it must be remitted to the tax authorities. However, any amounts withheld that are expected to be refunded may be recorded as a receivable, which could be considered a current asset.
What else can I help you with?
Is deferred tax a current or non-current asset?
Deferred tax is classified as a non-current asset. It arises when there are temporary differences between the accounting treatment of certain transactions and their tax treatment, leading to taxes that are recoverable in future periods. This means that the deferred tax asset is expected to be realized beyond the current fiscal year, making it non-current in nature.
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
Is gold is fixed asset or current asset?
Current asset
Is deferred tax a current or non-current asset?
Deferred tax is classified as a non-current asset. It arises when there are temporary differences between the accounting treatment of certain transactions and their tax treatment, leading to taxes that are recoverable in future periods. This means that the deferred tax asset is expected to be realized beyond the current fiscal year, making it non-current in nature.
Is deferred income tax current asset?
yes
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.
Ask us of these tax forms allows an employee to claim an exemption from federal income tax withholding?
The tax form that allows an employee to claim an exemption from federal income tax withholding is Form W-4. On this form, employees can indicate their eligibility for exemption if they had no tax liability in the previous year and expect none in the current year. It's important to accurately complete this form to avoid under-withholding and potential tax liabilities.
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
Which tax withholding is required by the US Federal government?
You are required to have paid in at least a total equaling 90% of your total income tax paid in the previous tax year. If you do not have at least that much paid and applied to your tax for the current year through withholding and estimated tax payments then you will be subject to a tax penalty plus interest.
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 gold is fixed asset or current asset?
Current asset
Is Tax withheld amount from vendor is an assets or liability?
I presume you mean sales tax? Withholding is a trust fund in it is the governments money you collect on behalf of them...or I guess if you have been told to do some type of backup withholding the same thing...not really yours as an asset, to pay a liability that also isn't yours. But more importantly: I am not at all sure how or why you would withhold tax from a vendor anyway. A vendor bills you, and includes the tax YOU must pay (as sales tax).
