Pay-as-you-go Tax
   HOME



Pay-as-you-go Tax
A pay-as-you-earn tax (PAYE), or pay-as-you-go (PAYG) in Australia, is a withholding of taxes on income payments to employees. Amounts withheld are treated as advance payments of 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. 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 i ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Bing]   [Yahoo]   [DuckDuckGo]   [Baidu]  


Withholding Tax
Tax withholding, also known as tax retention, Pay-as-You-Go, Pay-as-You-Earn, Tax deduction at source or a ''Prélèvement à la 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, 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. ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Bing]   [Yahoo]   [DuckDuckGo]   [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 Party of Australia, Liberal government as part of a major tax reform, which included the introduction of a Goods and Services Tax (Australia), 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 corporat ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Bing]   [Yahoo]   [DuckDuckGo]   [Baidu]  


picture info

Social Security
Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet Basic needs, 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. most pension systems), 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 old age pension, support for those in old age, Child benefit, support for the maintenance of children, Universal healthcare, medical treatment, parental leave, parental and sick leave, unemployment benefits, unemployment and disability benefits, and workers' compensation, support for sufferers of occupational injury. More broadly, welfare may also encompass efforts to provide a basic level of well-being ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Bing]   [Yahoo]   [DuckDuckGo]   [Baidu]  


picture info

Payroll Tax
Payroll taxes are taxes imposed on employers or employees, and 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 Tax incidence, 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 (Australian Taxation Office, ATO) requires withholding tax on employment income (payroll taxes of the first type), under a system known as Pay-as-you-go tax, pay-as-you-go (PAYG). The individual states impose payroll taxes of the second type. Bermuda In Bermuda, pa ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Bing]   [Yahoo]   [DuckDuckGo]   [Baidu]  


picture info

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 protection of information. Privacy may also take the form of bodily integrity. The right not to be subjected to unsanctioned invasions of privacy by the government, corporations, or individuals is part of many countries' privacy laws, and in some cases, constitutions. The concept of universal individual privacy is a modern concept primarily associated with Western culture, particularly British Culture, British and North American, and remained virtually unknown in some cultures until recent times. Now, most cultures recognize the ability of individuals to withhold certain parts of personal information from wider society. With the rise of technology, the debate regarding privacy has shifted from a bodily sense to a digital ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Bing]   [Yahoo]   [DuckDuckGo]   [Baidu]  


picture info

Household
A household consists of two 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, Roommate, shared housing, group homes, boarding houses, house in multiple occupation, houses of multiple occupancy (UK), and single room occupancy (US). In feudalism, feudal societies, the royal household and medieval households of the wealthy included Domestic worker, 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 contr ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Bing]   [Yahoo]   [DuckDuckGo]   [Baidu]  


picture info

Progressive Tax
A progressive tax is a tax in which the tax rate increases as the taxable amount increases.Sommerfeld, Ray M., Silvia A. Madeo, Kenneth E. Anderson, Betty R. Jackson (1992), ''Concepts of Taxation'', Dryden Press: Fort Worth, TX 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.Hyman, David M. (1990) ''Public Finance: A Contemporary Application of Theory to Policy'', 3rd, Dryden Press: Chicago, ILJames, Simon (1998) ''A Dictionary of Taxation'', Edgar Elgar Publishing Limited: Northampton, MA 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, ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Bing]   [Yahoo]   [DuckDuckGo]   [Baidu]  


picture info

France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pacific and Indian Oceans. Its Metropolitan France, metropolitan area extends from the Rhine to the Atlantic Ocean and from the Mediterranean Sea to the English Channel and the North Sea; overseas territories include French Guiana in South America, Saint Pierre and Miquelon in the North Atlantic, the French West Indies, and many islands in Oceania and the Indian Ocean. Due to its several coastal territories, France has the largest exclusive economic zone in the world. France borders Belgium, Luxembourg, Germany, Switzerland, Monaco, Italy, Andorra, and Spain in continental Europe, as well as the Kingdom of the Netherlands, Netherlands, Suriname, and Brazil in the Americas via its overseas territories in French Guiana and Saint Martin (island), ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Bing]   [Yahoo]   [DuckDuckGo]   [Baidu]  


picture info

Canadian Revenue Agency
The Canada Revenue Agency (CRA; ; ) is the revenue service A revenue service, revenue agency or taxation authority is a government agency responsible for the intake of government revenue, including taxes and sometimes non-tax revenue. Depending on the jurisdiction, revenue services may be charged with t ... of the Canadian federal government The government of Canada (french: gouvernement du Canada) is the body responsible for the federation, federal administration of Canada. A constitutional monarchy, the Crown is the Corporation sole#The Crown, corporation sole, assuming distinct ro ..., and most provincial and territorial governments. The CRA collects taxes A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a government A government is the system or group of people governing an organized community, generally ..., administers tax law Tax law or revenue law is an area of le ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Bing]   [Yahoo]   [DuckDuckGo]   [Baidu]  


Canada Pension Plan
The Canada Pension Plan (CPP; french: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component 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 Jun 30, 2022, the CPP Investment Board manages over Canadian dollar, C$523 billion in investment assets for the Canada Pension Plan on behalf of 20 million Canadians. CPPIB is one of the world's biggest pension funds. Description The CPP mandates all employed Canadians who are 18 years of age and over to contribute a prescribed portion of their earnings income 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 of C ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Bing]   [Yahoo]   [DuckDuckGo]   [Baidu]  


Tax Deduction At Source
Tax deduction at source (TDS) in India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ... 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 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. 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 ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Bing]   [Yahoo]   [DuckDuckGo]   [Baidu]