MANAGEMENT

Detailed explanation-1: -When you have too much money withheld from your paychecks, you end up giving Uncle Sam an interest-free loan (and getting a tax refund). On the other hand, having too little withheld from your paychecks could mean an unexpected tax bill or even a penalty for underpayment.

Detailed explanation-2: -Not all gross wages are subject to this tax. An annual wage base limit caps earnings that are subject to withholding for Social Security at $147, 000 in 2022, increasing to $160, 200 in 2023. 4 Income over this amount isn’t subject to Social Security tax or withholding.

Detailed explanation-3: -Withholding tax is an amount that is directly deducted from the employee’s earnings by the employer and paid to the government as a part of individual’s tax liability. These taxes are paid to the central government of India. In India, the Central Government is liable and empowered to levy and collect taxes.

Detailed explanation-4: -Refunds will be issued within five working days unless the claim is selected for further checking. Queries through MyEnquiries will be dealt with within 20 working days and 25 working days during peak periods. Electronic tax clearance will be granted immediately where a taxpayer’s tax affairs are up-to-date.