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Withholding Tax (Noun)

Meaning

Income tax withheld from employees' wages and paid directly to the government by the employer.

Classification

Nouns denoting possession and transfer of possession.

Examples

  • The company is responsible for remitting withholding tax to the government on behalf of its employees.
  • Withholding tax is typically deducted from an employee's salary and paid to the tax authority by the employer.
  • Employers are required to withhold a portion of their employees' wages for income tax and remit it to the government.
  • The amount of withholding tax varies depending on the employee's income level and the tax laws of the country.
  • The employer is liable for penalties if they fail to remit withholding tax to the government on time.

Synonyms

  • Withholding

Hyponyms

  • Pay As You Earn
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