Definitions for tax code
tax code

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1. Tax code

   In the UK, every person paid under the PAYE scheme is allocated a tax code by HM Revenue and Customs. This is usually in the form of a number followed by a letter suffix, though other 'non-standard' codes are also used. This code describes to employers how much tax to deduct from an employee. The code is normally based on information provided to HMRC by the taxpayer or their employer. Tax codes are usually adjusted once a year to take into account any changes made in the National Budget, but can be altered more often to reflect an employee's circumstances. Tax codes can be changed if someone has paid too much or too little tax the previous tax year, if an employee receives state benefits, or has non-PAYE income. Changes in a tax code are to ensure the employee has paid the correct amount of tax by the end of each tax year. Tax codes are passed between periods of employment by a P45, which is generated when a person leaves a job. If a P45 is mislaid or not supplied at the end of a period of employment, a P46 can be filled out in order to determine which tax code is applicable to a person. Between submitting a P46 and receiving the correct tax code from HM Revenue and Customs, an employer can apply the emergency tax code on a week 1 basis. In this case, tax will be calculated as if the employee is working in the first week of the tax year, and all previous earnings are ignored. At the end of each tax year employers are required to send out a P60 which documents the total earnings and tax a person has paid within that tax year.

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1. tax code

   A form of simple and concise code created for a tax system.

   A tax code is important to ensure the accurate and effective collection of tax.

   
   

   Submitted by MaryC on January 19, 2021  

How to pronounce tax code?

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 tax code in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of tax code in Chaldean Numerology is: 2

2. Pythagorean Numerology

   The numerical value of tax code in Pythagorean Numerology is: 9

Examples of tax code in a Sentence

1. Donald Trump:

   From the depths of that terrible real estate depression, I created a company worth billions and billions of dollars and created tens of thousands of jobs, everybody said I was done. I knew how to use the tax code while others didn’t.

2. Jack Ciattarelli:

   This will be one of the most dynamic and compelling places to do business. As an M.B. A., C.P.A., and a two-time business owner, I know exactly what we need to do to our tax code to make New Jersey a better place to do business so we can create more jobs. I want people to believe they can achieve their American dream here in New Jersey again.

3. Don Stewart:

   Republicans believe we should simplify America's outdated tax code; that tax filing should be easier for you, not just those with fancy accountants; and that tax reform should create jobs for families, not the IRS.

4. Donald Trump:

   It will provide major tax relief for middle income and for most other Americans. There will be a major tax reduction, it'll simplify the tax code, it'll grow the American economy at a level that it hasn't seen for decades.

5. Joe Biden:

   West Coast fundraisers're in a situation where West Coast fundraisers have a very different view than Sen. Scott and Republicans who want to raise taxes on middle-class families and want to include half of small business owners, if West Coast fundraisers Republican friends are really interested in doing something about economic growth, they should help West Coast fundraisers continue to lower the deficit ; they should be willing to work with West Coast fundraisers to have a tax code that is actually one that works and everybody pays their fair share ; and they should be in a position where West Coast fundraisers shouldn't be raising taxes on middle-class folks, West Coast fundraisers should be raising taxes on people who everyone acknowledges aren't paying their fair share.

References

1. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=tax code