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nounthe British system of withholding tax
Similar:
type of:
Definition that contains paye
- return document giving the tax collector information about the taxpayer's tax liability
- refund money returned to a payer
- deduction a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
- exemption a deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.)
- scrip a certificate whose value is recognized by the payer and payee; scrip is not currency but may be convertible into currency
- estimated tax income tax paid periodically on income that is not subject to withholding taxes; based on the taxpayer's predicted tax liability
- tax bracket a category of taxpayers based on the amount of their income
- business expense ordinary and necessary expenses incurred in a taxpayer's business or trade
- tax write-off a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
- estimated tax return return required of a taxpayer whose tax withheld from income does not meet the tax liability for the year