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The Ghana Revenue Authority (GRA) is the Ghana administration charged with the task of assessing, collecting and accounting for tax revenue in Ghana. [1] [2]As part of efforts to improve compliance, the Authority is required to assist taxpayers to understand and meet their tax obligations by providing robust and comprehensive advice.
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.
The tax rates displayed are marginal and do not account for deductions, exemptions or rebates. The effective rate is usually lower than the marginal rate. The tax rates given for federations (such as the United States and Canada) are averages and vary depending on the state or province. Territories that have different rates to their respective ...
Being exempt from federal withholding means your employer will not withhold federal income tax from your paycheck. When you claim certain deductions, they get subtracted from your annual gross income.
Such levies are generally referred to as withholding taxes. These requirements are induced because of potential difficulties in collection of the tax from nonresidents. Withholding taxes are often imposed at rates differing from the prevailing income tax rates. [201] Further, the rate of withholding may vary by type of income or type of recipient.
It's important not to skip this step -- exemptions reduce your taxable income. For 2009, the personal income tax exemption amount is $3,650. That's per person, not per family.
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
There is an 8% withholding tax on dividend income for all investors. [10] Capital gains on securities listed on the exchange will remain exempt from tax until 2015. The exemption of capital gains applies to all investors on the exchange.