Definitions for withholding tax
with·hold·ing tax

Princeton's WordNetRate this definition:0.0 / 0 votes

1. withholding tax, withholdingnoun

   income tax withheld from employees' wages and paid directly to the government by the employer

WiktionaryRate this definition:0.0 / 0 votes

1. withholding taxnoun

   A withholding, a tax withheld from employees' salary and paid to the government. The withheld amount is considered a credit in final taxation.

WikipediaRate this definition:0.0 / 0 votes

1. withholding tax

   Tax withholding, also known as tax retention, Pay-as-You-Go, Pay-as-You-Earn, Tax deduction at source 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. In most jurisdictions, tax withholding applies to employment income. Many jurisdictions also require withholding taxes on payments of interest or dividends. In most jurisdictions, there are additional tax withholding obligations if the recipient of the income is resident in a different jurisdiction, and in those circumstances withholding tax sometimes applies to royalties, rent or even the sale of real estate. Governments use tax withholding as a means to combat tax evasion, and sometimes impose additional tax withholding requirements if the recipient has been delinquent in filing tax returns, or in industries where tax evasion is perceived to be common. Typically the withheld tax is treated as a payment on account of the recipient's final tax liability, when the withholding is made in advance. It may be refunded if it is determined, when a tax return is filed, that the recipient's tax liability is less than the tax withheld, or additional tax may be due if it is determined that the recipient's tax liability is more than the tax withheld. In some cases, the withheld tax is treated as discharging the recipient's tax liability, and no tax return or additional tax is required. Such withholding is known as final withholding. The amount of tax withheld on income payments other than employment income is usually a fixed percentage. In the case of employment income, the amount of withheld tax is often based on an estimate of the employee's final tax liability, determined either by the employee or by the government.

ChatGPTRate this definition:0.0 / 0 votes

1. withholding tax

   Withholding tax is a mandatory payment to the government by a payer of income to another party, who is the actual income earner. Such income includes wages, interest, dividends, royalties, or rent. The tax is withheld or deducted from the income earned by the recipient, at the source itself, and then paid directly to the government by the payer. It is a way for the government to ensure tax collection on various types of income. The amount withheld is a credit against the income taxes the income receiver must pay during the annual tax filing.

WikidataRate this definition:0.0 / 0 votes

1. Withholding tax

   A withholding tax, also called a retention tax, is a government requirement for the payer of an item of income to withhold or deduct tax from the payment, and pay that tax to the government. In most jurisdictions, withholding tax applies to employment income. Many jurisdictions also require withholding tax on payments of interest or dividends. In most jurisdictions, there are additional withholding tax obligations if the recipient of the income is resident in a different jurisdiction, and in those circumstances withholding tax sometimes applies to royalties, rent or even the sale of real estate. Governments use withholding tax as a means to combat tax evasion, and sometimes impose additional withholding tax requirements if the recipient has been delinquent in filing tax returns, or in industries where tax evasion is perceived to be common. Typically the withholding tax is treated as a payment on account of the recipient's final tax liability. It may be refunded if it is determined, when a tax return is filed, that the recipient's tax liability to the government which received the withholding tax is less than the tax withheld, or additional tax may be due if it is determined that the recipient's tax liability is more than the withholding tax. In some cases the withholding tax is treated as discharging the recipient's tax liability, and no tax return or additional tax is required.

Matched Categories

1. • Income Tax

How to pronounce withholding tax?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say withholding tax in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of withholding tax in Chaldean Numerology is: 9

2. Pythagorean Numerology

   The numerical value of withholding tax in Pythagorean Numerology is: 3

Examples of withholding tax in a Sentence

1. Josh Waites:

   Shanga's accused of stealing over 650,000 in both sales and withholding tax, (With) penalties and interest, it’s up to over $1 million owed.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=withholding tax
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Withholding_Tax
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Withholding_Tax
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=withholding tax