Some countries impose an income tax on the income of individuals residing in the country, whether this income is generated from work, trade, or otherwise.
Income tax on salaries and wages
Some countries impose an income tax on the salaries of employees who work in government and private companies, and this tax is also called the work-earning tax, so that the company deducts the income tax value due from the employee’s salary and submits it to the tax department within a specific period of time.
Some countries impose an income tax on the salaries of employees who work in government and private companies, and this tax is also called the work-earning tax, so that the company deducts the income tax value due from the employee’s salary and submits it to the tax department within a specific period of time.
Example
The employee salary statement at the end of February 2017 appeared as follows:
The employee salary statement at the end of February 2017 appeared as follows:
On 05/03/2017, the company submitted the income tax due on behalf of the employees to the tax department.
Required :
Recording the salaries due to employees after deducting deductions
Recording the entry that proves the supply of the income tax value due on salaries and wages to the Income Tax Department
Recording the salaries due to employees after deducting deductions
Recording the entry that proves the supply of the income tax value due on salaries and wages to the Income Tax Department
Income tax on the profits of individuals from projects
If the assigned individual has an individual project that generates income for him, then the profits generated by this project are considered income for the project owner who must be subject to tax, but if the assigned individual is a partner in a company, the value of his share of the distributed profits is subject to income tax.
If the assigned individual has an individual project that generates income for him, then the profits generated by this project are considered income for the project owner who must be subject to tax, but if the assigned individual is a partner in a company, the value of his share of the distributed profits is subject to income tax.
Add New Comment