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It is neither, tax exempt OR income. Qualifies as a foolish question
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∙ 14y ago
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WHAT TYPE OF A TAX IS A INCOME TAX?
Income Tax is an Indirect Excise Tax. Congress has imposed the tax on 3 classes of persons which are NON-Resident Aliens, Foreign Corporations deriving US Domestic source income and US Citizens residing abroad with foreign earned income. The term "US Person" denotes an US entity that has control, receipt, custody, disposal, or payment of any item of income of a foreign person that is subject to withholding. From IRS.GOV "You are a withholding agent if you are a U.S. or foreign person that has control, receipt, custody, disposal, or payment of any item of income of a foreign person that is subject to withholding."
Is General professional partnership in the Philippines subject to withholding tax?
income payments to the partnership is not subject to withholding as its income is not subject to taxes
What is total federal income tax withholding reported on the Thurstons' tax return?
16. The Thurstons' total federal income tax withholding is $
How are income taxes primarily collected in the US?
By the withholding of taxes from the source of the income and when taxpayers file and pay quarterly estimated taxes with the pay as you earn income system and after the end of the tax year when the taxpayer completes the income tax return correctly and pays any remaining taxes that may be owed after the income tax return is completed correctly. Study Island answer: tax withholding
What is FITW in payroll?
Federal Income Tax Withholding.
Difference between income tax and withholding tax?
The income tax is what is paid by "withholding of tax" from someones payment/pay. Other taxes or charges, like insurance, worker comp, etc may be [apd by withholding the amount from payment/payroll. There is really no such thing as a tax on withholding.
Why final withholding payments are not included in calculating total income?
final withholding payment are not included in calculating total income becouse are taxed on the hand of cooparation distributing payment to individual or unit of trust also has diffirent withholding tax rate
What does an Amended IWO means?
An Income Withholding for Support Order
When income tax is deducted from monthly earnings is called?
Withholding
What does AMENDED IWO means?
An Income Withholding for Support Order
What is Ashleys total federal income tax withholding?
1450
Is interest income earned in the US subject to withholding tax when paid to a foreign person?
Yes it is possible that the payer of the interest income would be required to withhold some taxes from the source of the interest income that is being paid to a taxpayer.
