BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tax credit
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Tax items
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Payroll deductions
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withholding
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Detailed explanation-1: -The term withholding tax refers to the money that an employer deducts from an employee’s gross wages and pays directly to the government.
Detailed explanation-2: -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-3: -Withholding Tax on Compensation Tax Rates Withholding Tax on Compensation is based on graduated withholding tax rates ranging from 0% to 35% and will be based on or dependant on net taxable compensation of a particular employee.