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PAYE
A pay-as-you-earn tax (PAYE), or pay-as-you-go (PAYG) is a withholding of taxes on income payments to employees. Amounts withheld are treated as advance payments of income tax due. They are refundable to the extent they exceed tax as determined on tax returns. PAYE may include withholding the employee portion of insurance contributions or similar social benefit taxes. In most countries, they are determined by employers but subject to government review. PAYE is deducted from each paycheck by the employer and must be remitted promptly to the government. Most countries refer to income tax withholding by other terms, including pay-as-you-go tax. United Kingdom Origins Devised by Sir Paul Chambers, PAYE was introduced into the UK in 1944, following trials in 1940–1941. As with many of the United Kingdom's institutional arrangements, the way in which the state collects income tax through PAYE owes much of its form and structure to the peculiarities of the era in which it was devi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pay Related Social Insurance
Taxation in Ireland in 2017 came from Personal Income taxes (40% of Exchequer Tax Revenues, or ETR), and Consumption taxes, being VAT (27% of ETR) and Excise and Customs duties (12% of ETR). Corporation taxes (16% of ETR) represents most of the balance (to 95% of ETR), but Ireland's Corporate Tax System (CT) is a central part of Ireland's economic model. Ireland summarises its taxation policy using the OECD's ''Hierarchy of Taxes'' pyramid (see graphic), which emphasises high corporate tax rates as the most harmful types of taxes where economic growth is the objective. The balance of Ireland's taxes are Property taxes (<3% of ETR, being Stamp duty and LPT) and Capital taxes (<3% of ETR, being CGT and CAT). An issue in comparing the Irish tax system to other economies is adjusting for the artificial inflation of Irish GDP by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Return (United Kingdom)
In the United Kingdom, a tax return is a document that must be filed with HM Revenue & Customs declaring liability for taxation. Different bodies must file different returns with respect to various forms of taxation. The main returns currently in use are: *SA100 for individuals paying income tax *SA800 for partnerships *SA900 for trusts and estates of deceased persons *CT600 for companies paying corporation tax *VAT100 for value added tax Income tax self-assessment Most employees paying tax under the PAYE system are not required to file a tax return, because the PAYE system operates to withhold the correct amount of tax from their wages or salaries. However, some taxpayers, including employees, may have income that has not been taxed at source and needs to be declared to HMRC, usually by submitting a self assessment tax return. Legally, a tax payer is obliged to submit a tax return when HMRC request one by sending a notice to file a tax return, either because the tax payer ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Withholding Tax
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at 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, renting, 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 pay ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payroll Tax
Payroll taxes are taxes imposed on employers or employees. They are usually calculated as a percentage of the salaries that employers pay their employees. By law, some payroll taxes are the responsibility of the employee and others fall on the employer, but almost all economists agree that the true economic incidence of a payroll tax is unaffected by this distinction, and falls largely or entirely on workers in the form of lower wages. Because payroll taxes fall exclusively on wages and not on returns to financial or physical investments, payroll taxes may contribute to underinvestment in human capital, such as higher education. National payroll tax systems Australia The Australian federal government ( ATO) requires withholding tax on employment income (payroll taxes of the first type), under a system known as pay-as-you-go (PAYG). The individual states impose payroll taxes of the second type. Bermuda In Bermuda, payroll tax accounts for over a third of the annual nation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Code (PAYE)
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 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 (for example, self-employed earnings). 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sir Paul Chambers
Sir Stanley Paul Chambers, (2 April 1904 – 23 December 1981) was a British civil servant and industrialist and Chairman of ICI. He was born in London and educated at the City of London School before going to study economics at the London School of Economics. After graduating, he entered the Inland Revenue and in 1934 was appointed Income Tax Advisor to the Government of India. He returned to the UK in 1940 to be director of statistics and intelligence in the Inland Revenue. He was then appointed secretary and a commissioner of the board. One of his major tasks during the war was to devise the new PAYE (Pay as You Earn) employee taxation system in use in the UK today. After the war, he served on the Control Commission for Germany for two and a half years. In 1948, he succeeded Sir William Coates as financial director of Imperial Chemical Industries (now ICI), one of Britain's largest companies. He became deputy chairman in 1952 and was chairman from 1960 to 1968, the first ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inland Revenue Department (New Zealand)
Inland Revenue or Inland Revenue Department (IRD; ) is the Public sector organisations in New Zealand, public service department of New Zealand charged with advising the government on tax policy, collecting and disbursing payments for social support programmes, and collecting Taxation in New Zealand, tax. History Inland Revenue started out as the Land Tax Department in 1878. The department was renamed the Land and Income Tax Department in 1892 with the central office set up in Wellington. Only in 1952, when the organisation joined with the Stamp Duties Department, was the organisation known as the Inland Revenue Department. In 1995, a Rewrite Advisory Panel was established to consider and advise on issues arising during the rewriting of the income tax legislation, as part of New Zealand tax reform arising from the Working Party on the Reorganisation of the Income Tax Act 1976. The panel was disestablished in 2014 at the completion of the tax reform. Inland Revenue's Māo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accident Compensation Corporation
The Accident Compensation Corporation (ACC) () is the New Zealand Crown entity responsible for administering the country's No-fault insurance, no-fault accidental injury compensation scheme, commonly referred to as the ACC scheme. The scheme provides financial compensation and support to citizens, residents, and temporary visitors who have suffered personal injuries. The corporation was founded as the Accident Compensation Commission on 1 April 1974 as a result of the Accident Compensation Act 1972. Its principal governing act today is the Accident Compensation Act 2001. As a Crown entity, ACC is governed by a board that is responsible to the Minister for ACC. Unlike most other Crown entities, it has its own dedicated ministerial portfolio, which since February 2025 has been held by Scott Simpson (politician), Scott Simpson. History The ACC has its origins in the Workers' Compensation for Accidents Act 1900, which established a limited compensation scheme for workers who had suf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Security
Welfare spending is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specifically to social insurance programs which provide support only to those who have previously contributed (e.g. pensions), as opposed to ''social assistance'' programs which provide support on the basis of need alone (e.g. most disability benefits). The International Labour Organization defines social security as covering support for those in old age, support for the maintenance of children, medical treatment, parental and sick leave, unemployment and disability benefits, and support for sufferers of occupational injury. More broadly, welfare may also encompass efforts to provide a basic level of well-being through subsidized ''social services'' such as healthcare, education, infrastructure, vocational training, and public housing.''The New Fontana Diction ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Privacy
Privacy (, ) is the ability of an individual or group to seclude themselves or information about themselves, and thereby express themselves selectively. The domain of privacy partially overlaps with security, which can include the concepts of appropriate use and Information security, protection of information. Privacy may also take the form of bodily integrity. Throughout history, there have been various conceptions of privacy. Most cultures acknowledge the right of individuals to keep aspects of their personal lives out of the public domain. The right to be free from unauthorized invasions of privacy by governments, corporations, or individuals is enshrined in the privacy laws of many countries and, in some instances, their constitutions. With the rise of technology, the debate regarding privacy has expanded from a bodily sense to include a digital sense. In most countries, the right to digital privacy is considered an extension of the original right to privacy, and many count ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Household
A household consists of one or more persons who live in the same dwelling. It may be of a single family or another type of person group. The household is the basic unit of analysis in many social, microeconomic and government models, and is important to economics and inheritance. Household models include families, blended families, shared housing, group homes, boarding houses, houses of multiple occupancy (UK), and single room occupancy (US). In feudal societies, the royal household and medieval households of the wealthy included servants and other retainers. Government definitions For statistical purposes in the United Kingdom, a household is defined as "one person or a group of people who have the accommodation as their only or main residence and for a group, either share at least one meal a day or share the living accommodation, that is, a living room or sitting room". The introduction of legislation to control houses of multiple occupations in the UK Housing Act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
