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Author Topic: Income tax withheld  (Read 596 times)

tidelover05

  • Former member
Income tax withheld
« on: May 22, 2010, 04:58:30 AM »
what does this mean?

Offline Sigma

  • Members
  • Posts: 1920
Re: Income tax withheld
« Reply #1 on: May 22, 2010, 05:01:53 AM »
It means you paid taxes.

Taxes are paid monthly based on the profits made that month.

So if you have a profitable month, you will pay some amount of taxes -- whatever amount is the governing amount in your headquarters country.

Come year-end, in the 2nd week of January, your Accountants will determine your full-year tax liability.  If you actually lost money for the entire year, but paid some taxes because in individual months you made a profit, you will end up getting that money you paid back.

tidelover05

  • Former member
Re: Income tax withheld
« Reply #2 on: May 22, 2010, 05:05:21 AM »
thanks didnt know if that was a penalty for having a shorthanded finance staff

 

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