Search results
Results from the WOW.Com Content Network
a cut in profits-tax rates; abolishing the capital fee to encourage more businesses to incorporate in Hong Kong; reducing the motor vehicle first registration tax and duties on liquor, petrol, diesel, aircraft fuel and methyl alcohol; cutting charges for import and export declarations; abolishing the 3% hotel accommodation tax;
Pre-tax deductions, such as contributions to retirement plans or health insurance premiums, are taken out of paychecks before taxes are calculated, lowering the taxable income and reducing the ...
Federal social insurance taxes are imposed on employers [35] and employees, [36] ordinarily consisting of a tax of 12.4% of wages up to an annual wage maximum ($118,500 in wages, for a maximum contribution of $14,694 in 2016) for Social Security and a tax of 2.9% (half imposed on employer and half withheld from the employee's pay) of all wages ...
Employers are required to pay payroll taxes to the taxing jurisdiction under varying rules, in many cases within 1 banking day. Payment of federal and many state payroll taxes is required to be made by electronic funds transfer if certain dollar thresholds are met, or by deposit with a bank for the benefit of the taxing jurisdiction. [77]
In other cases, pre-tax deductions only delay your tax obligations — 401(k) contributions, for example, are taxed when you begin making withdrawals in retirement later down the road.
The deferral, which went into effect Sept. 1, means that people making less than $104,000 a year will see a short-term increase in their net pay.
Another reason many businesses outsource is because of the ever-increasing complexity of payroll legislation. Annual changes in tax codes, Pay as you earn and National Insurance bands, as well as statutory payments and deductions having to go through the payroll, often mean there is a lot to keep abreast of to maintain compliance with the ...
Millions of W-2 earners who collect a paycheck from an employer don’t have to do anything at all — but America’s income tax system works on a pay-as-you-go basis for them, too.