withholding tax

(redirected from Withholding taxes)
Also found in: Thesaurus, Legal, Financial.
Related to Withholding taxes: Federal Income Tax Withheld

with·hold·ing tax

 (wĭth-hōl′dĭng, wĭth-)
A portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax. Also called payroll tax, withholding.

withholding tax

1. (Banking & Finance) tax deducted at source from income, esp from dividends, paid to nonresidents of a country, which may be reclaimed if a double-taxation agreement exists between the country in which the income is paid and the country of residence of the recipient
2. (Industrial Relations & HR Terms) US a portion of an employee's tax liability paid directly to the government by the employer

withhold′ing tax`

that part of an employee's tax liability withheld by the employer from wages or salary and paid directly to the government. Also called with•hold′ing.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.withholding tax - income tax withheld from employees' wages and paid directly to the government by the employer
income tax - a personal tax levied on annual income
pay as you earn, PAYE - the British system of withholding tax

withholding tax

(US) → (vom Arbeitgeber) einbehaltene Steuer
References in periodicals archive ?
The Income Tax law is not easy to understand nor is it too difficult to grasp and, thus, in the new law we have explained withholding taxes in more detail for better understanding.
Penalties and interest accrue on withholding taxes not paid by the due date of Form 1042, even if the IRS grants an extension of time to file.
Hectic efforts are being made to realize the defaulted amount of Withholding Taxes during current financial year.
Based on the best information currently available, when calculating withholding taxes, 14.
In the Third Protocol to the Convention between Canada and the United States with Respect to Taxes on Income and Capital signed in 1995, the United States and Canada announced a general reduction in the withholding taxes on dividends, interest, and certain royalties.
Despite the publicity about the "nanny tax" (which includes Social Security, Medicare (collectively, FICA) and federal unemployment tax (FUTA)), many household employers still pay their babysitters and housekeepers in cash, without withholding taxes or filing the correct forms.
Trustee," a federal employee whose job it is to monitor a Chapter 11 proceeding for compliance with the bankruptcy code, to ascertain that all withholding taxes are paid promptly, and to review monthly reports that must be delivered to the U.
Finance Minister Masajuro Shiokawa said Monday that when withholding taxes are abolished at the end of March 2003, he will consider lowering the 26% stock transaction tax for a separate tax return to encourage individual investors to invest in stocks.
This number must be used on all tax forms and will assure the correct application of withholding taxes.
The Diet on Wednesday enacted a set of tax reform bills for fiscal 2001 featuring extended tax breaks for home loans and withholding taxes on stock-trading capital gains with their passage through the House of Councillors.
The Heritage Foundation, a Washington-based public policy research institute, has come up with a new idea to jolt people into action and force changes in the way the federal government treats its citizens - abolish withholding taxes.
Nobody believes that withholding taxes will be repealed.