Ads
related to: e-payment of tax deducted at sourcezapmeta.com has been visited by 1M+ users in the past month
freetaxusa.com has been visited by 100K+ users in the past month
- 100% Free Tax Filing. Efile your tax return directly to the IRS.
one of the fastest-growing tax planning services - Smart Asset
Results from the WOW.Com Content Network
Tax withholding, also known as tax retention, Pay-as-You-Go, Pay-as-You-Earn, or a Prélèvement à la source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient.
Tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and credits.
The Automated Payment Transaction ( APT) tax is a small, uniform tax on all economic transactions, which would involve simplification, base broadening, reductions in marginal tax rates, the elimination of tax and information returns and the automatic collection of tax revenues at the payment source.
PAYE is deducted by employers from employees' salary or wages in New Zealand, and paid to the Inland Revenue Department (IRD) on their behalf. It includes income tax and ACC earners' levy. PAYE is calculated by employers based on tax codes provided by the employee and tables provided by the IRD.
Social Security tax is withheld from wages at a flat rate of 6.2% (4.2% for 2011 and 2012 ). Wages paid above a fixed amount each year by any one employee are not subject to Social Security tax. For 2015, this wage maximum is $118,500. Medicare tax of 1.45% is withheld from wages, with no maximum.
These include Social Security and Medicare taxes imposed on both employers and employees, at a combined rate of 15.3% (13.3% for 2011 and 2012). Social Security tax applies only to the first $132,900 of wages in 2019. There is an additional Medicare tax of 0.9% on wages above $200,000. Employers must withhold income taxes on wages.
Ads
related to: e-payment of tax deducted at sourcezapmeta.com has been visited by 1M+ users in the past month
freetaxusa.com has been visited by 100K+ users in the past month
- 100% Free Tax Filing. Efile your tax return directly to the IRS.
one of the fastest-growing tax planning services - Smart Asset