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Pay-as-you-earn Tax
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] |
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] |
Australian Business Number
The Australian Business Number (ABN) is a unique 11-digit identifier issued by the Australian Business Register (ABR) which is operated by the Australian Taxation Office (ATO). The ABN was introduced on 1 July 2000 by John Howard's Liberal government as part of a major tax reform, which included the introduction of a GST. The law requires each entity that carries on a business in Australia has an ABN and that the ABN appear on each tax invoice and other tax related documents issued by the entity. Australian Business Register The Australian Business Register (ABR) is maintained by the Registrar of the ABR, who is also the Commissioner of Taxation. The Registrar registers entities, issuing them with an ABN, while the Commissioner of Taxation issues the entity a tax file number. Entitlement to an ABN The Registrar issues ABNs only to entities that are entitled to an ABN, which can be: * an individual, * a body corporate, * a corporation sole, * a body politic, * a partnership, ... [...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] |
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] |
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] |
Taxation In France
In France, taxation is determined by the yearly budget vote by the French Parliament, which determines which kinds of taxes can be levied and which rates can be applied. Overview Taxation in France covers all taxes, duties, fees, contributions and social security contributions imposed by the public authorities on French individuals and companies or those living in France. Taxes are thus levied by the government, and collected by the public administrations. According to INSEE, public administrations can be defined as "all institutional units whose main function is to produce non-market goods and services or to redistribute national income and wealth, and whose resources come mainly from compulsory contributions paid by units belonging to other institutional sectors". French "public administrations" are made up of three different institutions: * the central government, i.e. the national government or the state ("l'État") strictly speaking, plus various central government bodies. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Progressive Tax
A progressive tax is a tax in which the tax rate increases as the taxable amount increases. The term ''progressive'' refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate. The term can be applied to individual taxes or to a tax system as a whole. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower wikt:ability to pay, ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, such as a sales tax, where the poor pay a larger proportion of their income compared to the rich (for example, spending on groceries and food staples varies little against income, so poor pay similar to rich even while latter has much higher income). The term is frequently applied in reference to personal income taxes, in which people with lower income pay a lower percen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
France
France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlantic, North Atlantic, the French West Indies, and List of islands of France, many islands in Oceania and the Indian Ocean, giving it Exclusive economic zone of France, one of the largest discontiguous exclusive economic zones in the world. Metropolitan France shares borders with Belgium and Luxembourg to the north; Germany to the northeast; Switzerland to the east; Italy and Monaco to the southeast; Andorra and Spain to the south; and a maritime border with the United Kingdom to the northwest. Its metropolitan area extends from the Rhine to the Atlantic Ocean and from the Mediterranean Sea to the English Channel and the North Sea. Its Regions of France, eighteen integral regions—five of which are overseas—span a combined area of and hav ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada Revenue Agency
The Canada Revenue Agency (CRA; ; ) is the revenue service of the Government of Canada, Canadian federal government, and most Provinces and territories of Canada, provincial and territorial governments. The CRA collects Taxation in Canada, taxes, administers tax law and tax policy, policy, and delivers Welfare spending, benefit programs and tax credits. Legislation administered by the CRA includes the ''Income Tax Act,'' parts of the ''Excise Tax Act'', and parts of laws relating to the Canada Pension Plan, employment insurance (EI), tariffs and Duty (tax), duties. The agency also oversees the registration of Canadian Charity Law, charities in Canada, and enforces much of the country's tax laws. From 1867 to 1999, tax services and programs were administered by the Department of National Revenue, otherwise known as Revenue Canada. In 1999, Revenue Canada was reorganized into the Canada Customs and Revenue Agency (CCRA). In 2003, the Canada Border Services Agency (CBSA) was created ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada Pension Plan
The Canada Pension Plan (CPP; ) is a contributory, earnings-related social insurance program. It is one of the two major components of Canada's public retirement income system, the other being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either employer-sponsored or from tax-deferred individual savings (known in Canada as a registered retirement savings plan). As of June 30, 2024, CPP Investments (CPPIB) manages over Canadian dollar, C$646 billion in investment assets for the Canada Pension Plan on behalf of 22 million Canadians. CPPIB is one of the world's largest pension funds. Description The CPP mandates all employed Canadians 18 years of age and over to contribute a prescribed portion of their earnings income (with an equal matching amount contributed by their employer) to a federally administered pension plan. The plan is administered by Employment and Social Development Canada on behalf of employees in all Provinces and territories ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Deduction At Source
Tax deduction at source (TDS) is an Indian withholding tax that is a means of collecting tax on income, dividends, or asset sales by requiring the payer (or legal intermediary) to deduct tax due before paying the balance to the payee (and the tax to the revenue authority). Under the Indian Income Tax Act of 1961, income tax must be deducted at source as per the provisions of the Income Tax Act, 1961. Any payment covered under these provisions shall be paid after deducting a prescribed percentage of income tax. It is managed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by the Indian Revenue Service. It has great importance while conducting tax audits. It is also required to file quarterly returns to Central Board of Direct Taxes (CBDT). Returns state the TDS is deducted and paid to the government during the Quarter to which it relates. Objectives of income tax deducted at source Tax deduction at source (TDS) has come into exis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
