withholding tax (Meaning)
withholding tax (n)
income tax withheld from employees' wages and paid directly to the government by the employer
Synonyms & Antonyms of withholding tax
Synonyms:
withholding tax Sentence Examples
- The withholding tax system ensures that employers deduct a portion of employees' salaries to pay taxes.
- The government implemented a withholding tax to simplify the tax collection process.
- Foreign workers may be subject to withholding tax on their income earned in the country.
- Self-employed individuals must estimate their withholding tax payments to avoid penalties.
- The withholding tax rate varies depending on the income level and filing status of the taxpayer.
- Employers are responsible for remitting withheld taxes to the tax authorities.
- Failure to withhold the correct amount of tax can result in penalties and interest charges.
- Some countries offer tax credits or deductions that can reduce withholding tax liability.
- Withholding tax can be a significant source of revenue for governments.
- The calculation of withholding tax involves consideration of allowances, deductions, and other factors.
FAQs About the word withholding tax
income tax withheld from employees' wages and paid directly to the government by the employer
value-added tax, sales tax, hidden tax,income tax, sin tax, property tax, single tax, poll tax, custom(s), toll
No antonyms found.
The withholding tax system ensures that employers deduct a portion of employees' salaries to pay taxes.
The government implemented a withholding tax to simplify the tax collection process.
Foreign workers may be subject to withholding tax on their income earned in the country.
Self-employed individuals must estimate their withholding tax payments to avoid penalties.
