query: professional tax payable on net salary or gross salary

pos: Professional Tax 23 in the Schedule shall apply only to such classes of persons as may be specified by the State Government by notification from time to time.” The professional tax is a slab-amount based on the gross income of the professional and salaried and as well as the other states as may be decided employees. It is deducted from salary of the employee every month. In case of a company, directors of a company, partnerships, individual partners, self-employed professional or owners of any business undertaken in the state, it is to be submitted depending upon their gross turnover in the preceding

pos: Corporation tax in France €3 billion the rate will be 43.3 %. In 2012 a new tax credit was introduced to make France more competitive. Companies get a tax credit of 7% of total wage & salary costs up to a limit of 2.5 times the minimum salary (in 2017 the minimum salary was €1,460). The effect is to substantially reduce the effective rate of corporation tax. The tax credit amounts to 19 billion euros (about 40% of gross corporate tax take). Certain items of income are exempt from corporate tax: Corporation tax in France Corporate tax in France deals with the tax payable

pos: Payroll U.S. income and payroll taxes collected through deductions are considered to be trust fund taxes, because the employer holds the deducted money in trust for later remittance. Before considering the payroll taxes, it is necessary to talk about the basic formula for the Net Pay. From gross pay (the salary paid to the employee) one or more deductions are subtracted, to arrive at Net Pay. Thus the employee's gross pay (pay rate times number of hours worked, including any overtime) minus payroll tax deductions, minus voluntary payroll deductions, is equal to Net Pay. Payroll tax deductions play a critical role

pos: Salary survey insufficient to define correct salary amounts. Salary surveys should concern specific positions defined as precisely as possible. Average value is often communicated in salary discussions. Other indicators that more accurately describe the salary of a given position must be used as a result. In practice, companies use percentiles, the most common of which are the first and ninth decile, the first and third quartile, and the media. It is also important to define the meaning of ‘salary’ in a salary survey. Are gross or net salaries involved? Does salary include bonuses, variable salary components and other bonuses, or does it

pos: Monaco has high social-insurance taxes, payable by both employers and employees. The employers' contributions are between 28% and 40% (averaging 35%) of gross salary, including benefits, and employees pay a further 10% to 14% (averaging 13%). Monaco has never levied income tax on individuals, and foreigners are thus able to use it as a "tax haven" from their own country's taxes, because as an independent country, Monaco is not obligated to pay taxes to other countries. The absence of a personal income tax in the principality has attracted to it a considerable number of wealthy "tax refugee" residents from European countries

pos: Taxation in France 4%. For tax years 2013 & 2014 earnings above 1 million euros will be subject to a tax payable by the payer/employer. The tax is similar to the employer social security contributions which above 1 million euros amount to 0.22% of gross salary compared to 44% for salaries of 150,000 euros. The tax introduced by Francois Hollande as the 75% tax is in fact an additional employer contribution of 50% which when existing social security charges are added reaches 75%. The proposed tax was subsequently modified after being rejected by the Council of State and was implemented in 2014 in

pos: Demographics of Croatia kuna ( 729 euro), dropping 2.1% relative to the previous month. In the same month, gross monthly income averaged 7,740 kuna ( 1,046 euro), and it includes the net salary along with income tax, retirement pension insurance, healthcare insurance, occupational safety and health insurance and employment promotion tax. The average net monthly income grew compared to 5,311 kuna ( 717 euro) in 2009 or 3,326 kuna ( 449 euro) in 2000. The highest net salaries were paid in financial services sector, and in April 2011 those averaged 10,041 kuna ( 1,356 euro), while the lowest ones, paid in the same

pos: Tax bracket For example, John gets paid $50/hour as an administrative director. His annual gross salary is $50/hour x 2,000 hours/year = $100,000/year. Of this, some is paid to John, and the rest to taxes. W-2 wages are the wages that appear on the employee’s W-2 issued by his employer each year in January. A copy of the W-2 is sent to the Internal Revenue Service (IRS). It is the Gross Salary less any contributions to pre-tax plans. The W-2 form also shows the amount withheld by the employer for federal income tax. W-2 Wages = Gross Salary less (contributions to employer

pos: Maternity leave and the Organisation for Economic Co-operation and Development family. In Norway, women can choose 49 weeks at 100 percent of salary or 59 weeks at 80 percent. According to OECD research, 60 percent of countries offering maternity leave do not provide full pay. The table lists countries offering less than full salary, from lowest to highest. These pay rates are the average of the paid leave for an individual earning 100 percent of the 2014 national average. In most countries, leave payments are calculated on gross earnings; however, in some—e.g., Austria, Chile, France and Germany—payments are based on net earnings (after income-tax and social-security payments). Pay rates in

pos: Tax bracket in 2007. Given the complexity of the United States' income tax code, individuals often find it necessary to consult a tax accountant or professional tax preparer. For example, John, a married 44-year-old who has two children, earned a gross salary of $100,000 in 2007. He contributes the maximum $15,500 per year to his employer’s 401(k) retirement plan, pays $1,800 per year for his employer’s family health plan, and $500 per year to his employer’s Flexfund medical expense plan. All of the plans are allowed pre-tax contributions. Gross pay = $100,000 W-2 wages = $100,000 – $15,500 – $1,800 – $

pos: Kering this salary a special strategy was formed by Kering. That included a residence in Switzerland and two contracts for Bizzarri, one in Italy and one in Luxemburg. The salary was then paid by a shell corporation in Luxemburg. Using this strategy € 9,49 million gross gained Bizzarri € 8,04 net income. In a statement Kering said that it's methods were within given laws. In November 2017 Italian authorities opened a criminal investigation into a tax case involving Kering and its flagship brand Gucci. The inquiry included a raid on Gucci offices in Florence and Milan. The authorities were looking into

pos: Ben-Hur (1959 film) he still lacked a leading man, Wyler took the assignment for many reasons: He was promised a base salary of $350,000 as well as 8 percent of the gross box office (or 3 percent of the net profits, whichever was greater), and he wanted to work in Rome again (in Hollywood on the Tiber, where he had filmed "Roman Holiday"). His base salary was, at the time, the largest ever paid to a director for a single film. Professional competitive reasons also played a role in his decision to direct, and Wyler later admitted that he wished to outdo Cecil

pos: Green Book (Tibetan document) base salary or 2% of their gross salary (whichever is higher), whereas for those who had income other than salary, the suggested annual contribution was 0.15% of their net annual income. According to the CTA, the Data Unit of the Department of Finance manages the central database of Green Book holders. The holder of a green book needs to be current on their contributions in order to exercise such rights with the CTA as voting or standing for election, applying for scholarships awarded by the CTA, or for employment with the CTA. The Green Book is not an international travel

pos: Gold mining in Nevada ounces of gold and 741,717 pounds of molybdenite with 617 employees. All mineral and gold production on public and private lands in Nevada is subject to a Net Royalty payable to the State. The gross proceeds from the sale of minerals minus allowable deductions determine the taxable net proceeds. If the net proceeds from sales by a mine in the taxable year total $4 million or more, the tax rate is 5%. For less profitable mines the tax rate is graduated down to 2%. Miners' net proceeds are also subject to federal corporate income tax of 21%. Because the NPM

pos: Journée de solidarité envers les personnes âgées (without wage costs and social security contributions) for each employee to the State. Estimated figures led to discussion as to the scheme's productivity, which Prime Minister Dominique de Villepin judged satisfactory. On June 1, 2006, he said that benefits from the day (scheme) had been "incalculable". The employer pays exactly 0.3 percent of employees' gross salary, which is included in employer wage costs. This amount is almost equivalent to one day of net salary. The employer does not have wage costs to pay for that working holiday (because there is no net salary for that day). Thus it results in

pos: Renzi Cabinet Euros per month. On 26 March 2014, despite the controversy raised by several parties belonging to the majority coalition, the government won a confidence vote in the Senate on the Delrio Bill reforming the provinces, with 160 voting in favour and 133 against. Subsequently, the Chamber of Deputies approved the Bill on 3 April 2014. On 18 April 2014, the Italian Cabinet approved a law-decree which provided for the reduction of Income Tax for employees and assimilated workers earning up to €24,000 gross per year. The net monthly salary was foreseen to increase by €80, through a tax credit from

pos: Fringe benefits tax (Australia) are to be effective from 1 April 2016, where these salary packaging exempt benefits will be capped at $2,550 per FBT year ($5,000 grossed up cap divided by the type 2 gross-up rate of 1.9608). Some employers offer to provide their employees fringe benefits in place of part of their salary in an arrangement called salary packaging. Such arrangements, if available, can be an effective way of reducing the employee's income tax by reducing salary. Though the employer is the party liable to pay FBT, many employers will recover the FBT liability from the employee, usually as part of the

pos: Beamter €2441.26, that for a beginning Gymnasium teacher (A13) or state attorney or local judge (R1) is in either case €3780.31, that of a Gymnasium principal (A16) at the end of his career may be up to 6649.87 and that of a State Secretary is €12508.46. For more detailes see the salary calculator in the weblinks below. Beamte only pay income tax but don't pay social taxes. This means that their income after tax is much higher than that of other civil servants or workers in private companies with a comparable gross salary. In the German civil service (regardless of whether

pos: Taxation in Sweden (paid by the employee) with social security contributions (employers contributions) that are paid by the employer. The total salary cost for the employer is thereby the gross salary plus the social security contributions. The employer makes monthly preliminary deductions (PAYE) for income tax and also pays the social security contributions to the Swedish Tax Agency. The income tax is contingent on the person being taxable in Sweden, and the social security contributions are contingent on the person being part of the Swedish social insurance plan. The income tax is finalised through a yearly tax assessment the year following the income

pos: Creamy layer such as a doctor, lawyer, chartered accountant, income tax consultant, financial or management consultant, dental surgeon, engineer, computer specialist, film artists and other film professional, author, playwright, sports person, sports professional, media professional or any other vocations of like status whose annual income is more than ₹ 800,000 (Rs 8 lakh) for a period of three consecutive years are also excluded. [OBC children belong to any family earning a total gross annual income (from sources other than salary and agricultural land) of less than Rs 6 lakh for a period of three consecutive year—as the 1993 income ceiling for the

pos: Dimitris Diamantidis another 3 years, at €10.8 million euros gross income (€6 million euros net income). On July 4, 2013, he renewed his contract with Panathinaikos for another 2 years, at a salary of €1.9 million net income per year. On September 2, 2015, Diamantidis announced his retirement from professional basketball, effective at the end of the 2015–16 season. In his last season with Panathinaikos, he was voted the Greek League Most Popular Player. Nicknamed "3D" by Panathinaikos fans, after he retired, Panathinaikos officially retired his #13 playing jersey. Diamantidis was a member of the senior Greek national basketball team. With the

pos: Auxilia However, Goldsworthy points out that the common assumption that rates of pay were universal across provinces and units is unproven. Pay may have varied according to the origin of the unit. The remuneration of an auxiliary "pedes cohortalis" may be compared to a legionary's as follows: Gross salary was subject to deductions for food, clothing, boots and hay (probably for the company mules). It is unclear whether the cost of armour and weapons was also deducted, or borne by the army. Deductions left the soldier with a net salary of 78 "denarii". This sum was sufficient, on the basis of

pos: Croatia Fund data projects that Croatian nominal GDP stands at $53.5 billion, or $12,863 per capita for year 2017, while purchasing power parity GDP stands at $100 billion, or $24,095 per capita. According to Eurostat data, Croatian PPS GDP per capita stood at 61% of the EU average in 2012. Real GDP growth in 2007 was 6.0 per cent. The average net salary of a Croatian worker in January 2017 was 5,895 HRK per month, and the average gross salary was 7,911 HRK per month. , registered unemployment rate in Croatia was 15.3%. In 2010, economic output was dominated by the

pos: Taxation in France the gross operating profit, all income or profits made apart are normally taxable: income from the rental of property, interests, deposits and bonds. A reduced rate applies to a limited number of Long Term Capital Gains. Since 2012 a tax credit equal to 7% of total salary costs can be deducted from the gross tax due. Since its creation in 1945, the Social Security is mainly financed by social contributions or "cotisations sociales", i.e. deductions from wages. Until recently, there was no wide taxation on social expenditure, contrary to most of its European partners. However, in order to find a

pos: Cooperative loans in Malaysia 40% of gross salary. The maximum tenure is 10 years (the maximum tenure allowable by Bank Negara Malaysia) or until retirement year, whichever comes first. The vast majority of personal loans offered by the cooperatives are Islamic loans that comply with the Sharia guidelines set by SKM. These loans are based on Islamic banking and finance principles such as Tawarruq and Murabahah which involve the buying and selling of commodity payable by installment or deferred payment. Using the buying-selling model, interest (riba) which is forbidden (haram), is replaced by a profit margin agreed upon between the buyer and the seller.

pos: Adjusted gross income items. Several deductions ("e.g." medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI. Many states base state income tax on AGI with certain deductions. Adjusted gross income is calculated by subtracting Above-the-line deduction from gross income. Gross income includes "all income from whatever source," and is not limited to cash received. It specifically includes wages, salary, bonuses, interest, dividends, rents, royalties, income from operating a business, alimony, pensions and annuities, share of income from partnerships and S

pos: Production of Ben-Hur (1959 film) of the gross box office (or 3 percent of the net profits, whichever was greater), and he wanted to work in Rome again (where he had filmed "Roman Holiday"). His base salary was, at the time, the largest ever paid to a director for a single film. Professional competitive reasons also played a role in his decision to direct, and Wyler later admitted that he wished to "out DeMille" and make a "thinking man's" Biblical epic. In later years, William Wyler would joke that it took a Jew to make a good film about Christ. Wyler, like Zimbalist, was also

pos: UEFA Financial Fair Play Regulations the sales of "overseas rights" to consortiums without clearly identified investors.<ref name="Daily Mail - 26/09/11">Daily Mail - 26/09/11</ref> In addition, there remains the issue of widely differing tax rates and social security costs to which the European leagues are subject, meaning that some clubs have to pay a player much higher gross wages in order for him to be left with the same net salary as if he belonged to a club in another country. In addition, the UEFA guidance states that each club's accounts must be audited under the national accountancy conditions applicable in their particular country, which may

pos: Leap card services throughout their network and paper tickets bought before the end of production date will still be valid until the expiry dates on the purchased ticket. Together with many employers nationwide the different operators offer 'tax-saver subscriptions'. Although everyone can buy these special month or year cards, when an employer has joined the special tax-saver scheme the cards are offered "before tax": one can buy the cards directly via their employer and pay it from their gross-salary (thus before deduction of income tax and levies). Some companies allow this on a monthly basis while other companies only offer this once

pos: Salary packaging of an annual Capped amount. Therefore, the proposed changes apply to employees of Public Hospitals and not-for-profit FBT-exempt employers. Proposed changes are to be effective from 1 April 2016, where these salary packaging Exempt benefits will be capped at $2,550 per FBT year (i.e. a $5,000 grossed up cap divided by the type 2 gross-up rate of 1.9608). Salary packaging Salary packaging (also known as salary sacrifice or salary exchange) is the inclusion of employee benefits (also called fringe benefits) in an employee remuneration package in exchange for giving up part of monetary salary. Such arrangements are entered into most

pos: Blue Card (European Union) Cards and warns against any unofficial application sites which may contain incorrect information or charge for their services. Acquisition of Blue Card has the following requirements. The applicant must have a work contract or binding job offer with a salary of at least 1.5 times the average gross annual salary paid in the Member State. A Blue Card acquirer must present a valid travel document (and in specific cases a valid residence permit or a national long-term visa) and documents proving the relevant higher professional qualification. Blue Card (European Union) The Blue Card is an approved EU-wide work permit (Council

pos: Vilnius per capita (nominal) in Vilnius county was €21,300 (US$47,000, in Purchasing power) in 2017, making it the wealthiest region in Lithuania and second wealthiest region in Baltic States. The budget of Vilnius reached US$720 million in 2018. The average monthly net salary in Vilnius city municipality reached €820 (average gross salary in Vilnius was €1070.) The city has 12 primary schools, 19 progymnasiums and 42 gymnasiums. The city has many universities. The largest and oldest is Vilnius University with 20,864 students. Its main premises are in the Old Town. The university has been ranked among the top 500 universities in

pos: Economy of Bosnia and Herzegovina Post-war high percentage of unemployment (20.5%) remains high, and the economical progress is very slow. Complicated bureaucracy system, complex procedures and often misconducted audition and regulation by public officers also make for volatile and insecure business environment, which is considered major hindrance to foreign investment into the country's industrial and manufacturing potential. The workforce is comparably cheap, with average net salary being €450, and average gross salary being €657, () and good skilled, especially in sectors present in pre-war economy. However, with slow but persistent know-how obsolescence, workforce exodus, high unemployment and long average time outside labor market for the

pos: Taxation in Bosnia and Herzegovina Taxation in Bosnia and Herzegovina Taxation in Bosnia and Herzegovina includes both federal and local taxes. Tax revenue in Bosnia and Herzegovina stood at 28.6% of GDP in 2013. Most important revenue sources include the income tax, Social Security contributions, corporate tax, and the value added tax, which are all applied on the federal level. Income tax is applied on a flat tax rate of 10% on income from both employment, interest, royalties, and capital gains. Social Security apply to most employment income. The employee pay 33% of gross salary, while the employer contribute 10.5% in addition. The Value-added tax

pos: Gross receipts tax passes through the product or service life-cycle. Economists have criticized gross receipts taxes for encouraging vertical integration among companies and imposing different effective tax rates across different industries. Several states in the United States have imposed gross receipts taxes. In addition to these states, Texas has a "margin tax" on certain corporate net revenues. Gross receipts tax A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is similar to a sales tax, but it is levied on the seller of goods or

pos: Economy of Chile the Global Complementary Tax only becomes payable when effectively distributed to the individual. There are also special sales taxes on alcohol and luxury goods, as well as specific taxes on tobacco and fuel. Other taxes include the inheritance tax and custom duties. In 2012, general government expenditure reached 21.5% of GDP, while revenues were equivalent to 22% of GDP. Gross financial debt amounted to 12.2% of GDP, while in net terms it was −6.9% of GDP, both well below OECD averages. Chile's monetary authority is the Central Bank of Chile (CBoC). The CBoC pursues an inflation target of 3%, with

pos: Morgan De Sanctis After three seasons also as a back-up for Luigi Turci, he finally managed to start in 2002–03 season. His contract was renewed on 10 November 2000, 18 October 2003 and 20 September 2005, which his annual gross salary increased from €569,000 (€310,000 net) in 2003 to €623,000 (€350,000 net) in 2005, plus other bonuses, including a loyalty bonus since 2005, for €350,878 a season (€200,000 net). He played all 6 group stage matches of the 2005–06 UEFA Champions League, and reached round of 16 of the 2005–06 UEFA Cup. On 8 June 2007, he unilaterally terminated his contract with Udinese,

pos: Salary to the minimum wage are made twice a year; on January 1 and on July 1. The minimum wage for a 21-year-old on January 1, 2013 is 1,065.30 Euro netto per month and on July 1, 2013 this minimum wage is 1,071.40 Euro netto per month. For a 23 year old on 1 January 2014 is 1485,60 Euro gross salary / month plus 8% holiday subsidy so 1604,45 Euro gross salary / month In the United States, the distinction between periodic salaries (which are normally paid regardless of hours worked) and hourly wages (meeting a minimum wage test and providing

pos: Cycle to Work scheme including the cycle. It is possible to loan two cycles to one employee if, for example, that employee needed a cycle at either end of a train journey between their home and place of work. However normally employers will wish to recover the cost of the equipment from the employee under a hire agreement. The employee can still makes the tax savings because the hire payments can be made from their gross salary via a salary sacrifice scheme. Office of Fair Trading (OFT): Group consumer credit licence (expired) Consumer Credit Licences ceased to exist with the closure of the Office

pos: Labour law in Bulgaria action and as a second option, a compensation payment may be requested within a separate court procedure. A prerequisite for that is a court decision as to the illegality of the dismissal. The amount of the compensation payment due amounts to the gross salary for the month preceding the dismissal (Art. 228(1) of the LC). The compensation payment is payable for a period of 6 months. Under Art. 358(1)(2) of the LC the time limit for bringing a claim for unlawful dismissal is 2 months. A compensation claim can, on the other hand, be brought within a period of 3

pos: Tax bracket of the Federal income tax standard deduction and personal exemptions for the taxpayer and dependents are adjusted annually to account for inflation. This results in yearly changes to the personal income tax brackets even when the Federal income tax rates remain unchanged. Two higher tax brackets (36% and 39.6%) were added in 1993, and then taxes in all brackets were lowered in 2001 through 2003 as follows: Gross Salary is the amount your employer pays you, plus your income tax liability. Although the tax itself is included in this figure, it is typically the one used when discussing one's pay.

pos: Taxation in Estonia is 2% of the gross salary of a resident employee and are withheld by employer. Legal persons income tax rate is 20% in the year 2015. However, the system of corporate earnings taxation currently in force in Estonia is a unique system, which shifts the moment of corporate taxation from the moment of earning the profits to the moment of their distribution. In other words, earning profits in itself does not bring income tax liability, which arises only when earned profit is distributed to shareholders. In case profit distributed to shareholders originates from dividends received from subsidiary company or from

pos: Internal Revenue Service tax gap was $458 billion. The net tax gap is the gross tax gap less tax that will be subsequently collected, either paid voluntarily or as the result of IRS administrative and enforcement activities; it is the portion of the gross tax gap that will not be paid. It is estimated that $52 billion of the gross tax gap was eventually collected resulting in a net tax gap of $406 billion. In 2011, 234 million tax returns were filed allowing the IRS to collect $2.4 trillion out of which $384 billion were attributed to mistake or fraud. In September 2006,

pos: Taxation in France by the states of the OECD: the tax rate decelerated during the 90s and has decreased slightly since 2000. This is why France continues to be among the OECD countries whose tax rate is the highest. Taxes account for 45% of GDP against 37% on average in OECD countries. The overall rate of social security and tax on the average wage in 2005 was 71.3% of gross salary, the highest of the OECD. The levels of social security contributions are particularly high (16.3% of revenue against 9.4% in average for OECD). The social security budgets are larger than the budget

pos: Employee benefits benefits are also thought of as the costs of retaining employees other than base salary. The term "fringe benefits" was coined by the War Labor Board during World War II to describe the various indirect benefits which industry had devised to attract and retain labor when direct wage increases were prohibited. Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage up to $50,000) may be excluded from the employee's gross income and, therefore, are not subject to federal income tax in the United States. Some function as tax shelters (for example, flexible spending, 401(k), or

neg: Professional Tax various occupations come under the purview of this tax. Profession tax is levied by particular Municipal Corporations and majority of the Indian states impose this duty. It is a source of revenue for the government. The maximum amount payable per year is INR 2,500 and in line with tax payer's salary, there are predetermined slabs. It is also payable by members of staff employed in private companies. It is deducted by the employer every month and sent to the Municipal Corporation. It is mandatory to pay professional tax. The tax payer is eligible for income tax deduction for this payment.

neg: Salaries of Members of the United Kingdom Parliament and varies between 50% and 100% of the annual salary payable to a Member of Parliament at the time of the Dissolution. In the UK the first £30,000 of severance pay is tax free. As stated above, the amount retiring MPs, or those who lose their seats receive, depends on how old they are and how long they have served in the House. For example, an MP who stays in office for one term (say 5 years) and then leaves office will currently receive tax-free severance pay of 50% of his current salary, or £32,383 at current rates – equivalent

neg: Novated lease cases a car or personal loan or some other source of funds such as savings or redraw from a home mortgage would be used. Additional costs of leasing and fees can mean the raw running costs of a salary packaged novated lease are significant higher than the equivalent costs of private ownership with a loan, but with the benefits of tax savings, the net cost can be lower. In addition, tax deductions for any business use of a vehicle are specifically disallowed for a salary packaged novated lease. Salary packaging companies often claim access to fleet discounts on the purchase

neg: Taxation in China 1.1 yuan per net tonnage per quarter for motorized vessels; 0.15-0.35 yuan per non-motorized vessel. (3) Computation The tax base for vehicles is the quantity or the net tonnage of taxable vehicles The tax base for vessels is the net-tonnage or the deadweight tonnage of the taxable vessels. The formula for computing the tax payable is: a. Tax payable = Quantity (or net-tonnage ) of taxable vehicles × Applicable tax amount per unit b. Tax payable = Net-tonnage (or deadweight tonnage) of taxable vessels × Applicable tax amount per unit (4) Exemptions a. Tax exemptions may be given on the

neg: Novated lease the employee contribution is paid to the employer from the salary on which income tax has already been paid. The employee contribution method increases the amount of income tax and GST paid by the employee because less is paid by the employer. This increase in tax is almost always smaller than the FBT being eliminated, even considering the tax saved by the reduction in salary due to paying FBT, and so the net cost to the employee is reduced. In salary packaging advertising material, a benefit frequently claimed is that the employee does not pay the GST component of the

neg: Major League Baseball luxury tax Major League Baseball luxury tax Major League Baseball has a luxury tax, called the “competitive balance tax”, in place of a salary cap in order to level the spending an individual team can spend on their roster. In many other professional sports leagues in North America there is a salary cap that limits what each team can spend on their players. If a league lacks a salary cap or a luxury tax, any team can spend all the money they can afford on players. This means teams with more limited financial resources cannot afford the top talent, putting them at

neg: Managed service company with the remainder payable as a dividend. This method of remuneration provided many financial benefits, since it avoided the payment of national insurance and income tax that would otherwise be payable if the contractor was paid entirely under PAYE (salary). HMRC grew increasingly frustrated with the use of MSCs which, when investigated, were able to liquidate (as they had no assets) and start trading under a new company the next day. Following the MSC legislation, it is now the responsibility of a MSC provider to correctly operate PAYE and deduct the necessary tax and NI on all income payable to

neg: Earned income tax credit is always preferable to have one more dollar of actual salary or wages (although technically, since the EIC table moves by fifty-dollar increments, it is always preferable to have an extra fifty-dollar increment of salary or wages) considering the EITC alone. If the EITC is combined with multiple other means-tested programs such as Medicaid or Temporary Assistance for Needy Families, it is possible that the marginal tax rate approaches or exceeds 100% in rare circumstances depending on the state of residence; conversely, under certain circumstances, net income can rise faster than the increase in wages because the EITC phases in.

neg: Pennsylvania is used heavily by out of state commuters with high maintenance costs. Sales tax provides 39% of Commonwealth's revenue; personal income tax 34%; motor vehicle taxes about 12%, and taxes on cigarettes and alcohol beverage 5%. Personal income tax is a flat 3.07%. An individual's taxable income is based on the following eight types of income: compensation (salary); interest; dividends; net profits from the operation of a business, profession or farm; net gains or income from the dispositions of property; net gains or income from rents, royalties, patents and copyrights; income derived through estates or trusts; and gambling and lottery

neg: Sheriffs in the United States be paid a minimum annual salary. The law and guidelines are shown below. Sheriffs' salary schedule. The board of county commissioners shall establish, by resolution, the salary payable to the sheriff. The salary payable may not be less than the following schedule based upon the most recent decennial federal census of population of counties. The board of county commissioners may not decrease the salary of the sheriff during consecutive terms of office of the sheriff. Any sheriff having responsibility for managing a full-time jail shall receive an additional ten percent added to the base salary listed in this section. The

neg: Tax deferral the "opposite" of deferring their tax liabilities by "prepaying" personal income tax that would otherwise be payable in future years. For example, if it is known that tax rates will be increasing in a future tax year, a business owner can reduce his total tax liability by paying himself/herself a higher salary and/or bonuses in the current tax year, even if he or she has to loan the business money to do so. In most jurisdictions, the principal of such loans can be collected by the owner tax free at any time, thus allowing the owner to be paid a

neg: Taxation in New Zealand $14,020— which comes to an overall effective tax rate of 20.02% of the entire amount. The amount of tax actually payable can be reduced by claiming tax credits, e.g. for donations, childcare and housekeeper, independent earners, and payroll donations. Credits on income under $9,880 and for children were removed effective from 1 April 2013. In most cases employers deduct the relevant amount of income tax from salary and wages prior to these being paid to the individual. This system, known as pay-as-you-earn, or PAYE, was introduced in 1958, prior to which employees paid tax annually. In addition, banks and other

neg: Novated lease the start of the FBT year (1 April) following 4 full years since the purchase of the vehicle by the lessor. As most novated leases are for 5 years or less, this has a limited effect. In addition, if the employer is registered for goods and services tax (GST) they can claim an input tax credit equal to the amount of GST they have paid as part of the running cost. This reduces their net cost, and in the case of a salary packaging arrangement, the corresponding decrease in employee salary will also be reduced. Generally an employer also would

neg: Taxation of superannuation in Australia are payable on benefits paid to members over age 60, one of the measures arising from the 2006 federal budget. Taxation of superannuation in Australia Superannuation in Australia is taxed by the Australian taxation system at three points: on contributions received by a superannuation fund, on investment income earned by the fund, and on benefits paid by the fund. Superannuation contributions are either concessional or non-concessional contributions. Concessional contributions (sometimes referred to as "before-tax" contributions) are contributions for which someone (such as an employer) has or will receive a tax deduction. Concessional contributions include superannuation guarantee (SG) contributions, salary sacrifice

neg: Salary packaging Benevolent Institutions). Additional benefits can be packaged above these limits through novated leasing, meals and entertainment or venue hire (holiday accommodation) as well as personal superannuation contributions subject to Concessional Contributions Caps. The Australian Salary Packaging Industry Association is the professional body for outsourced salary packaging service providers. The Australian Taxation Office administers Fringe Benefits Tax and the FBT Exemptions that facilitate salary packaging for employees of not-for-profit healthcare organisations and public benevolent institutions. The Federal Government delivered its on 12 May 2015. The Budget included proposed changes to the Meal Entertainment and Holiday Accommodation/Venue Hire benefits with an introduction

neg: Major League Baseball luxury tax that the small teams could have a larger salary than before, and the larger teams would not be affected as much. In other words, the total salaries of the league increased, helping the players, and the competitive balance and social welfare grew, helping the fans. Major League Baseball luxury tax Major League Baseball has a luxury tax, called the “competitive balance tax”, in place of a salary cap in order to level the spending an individual team can spend on their roster. In many other professional sports leagues in North America there is a salary cap that limits what each

neg: Bankers' bonuses is especially appropriate if the business done is of a kind which cannot be reliably valued at the end of a year. Individual bonuses can range from a few thousand to tens of millions of dollars, pounds or euros, payable in cash or less obvious forms including pension funds, shares, options, profit-shares and assets derived from the bank's transactions. A variable performance-related bonus is often the substantial part of a senior banker's contractual remuneration; thus they effectively work for a share in the net profits (but not net losses) for which they are responsible, with a relatively small fixed salary.

neg: Partnership accounting for the period. If expenses exceed revenues of the period, the excess is a net loss of the partnership for the period. Management fees, salary and interest allowances are guaranteed payments. The partnership generally deducts guaranteed payments on line 10 of Form 1065 as business expenses. If partners pay themselves high salaries, net income will be low, but it does not matter for tax purposes. Partner compensation and allocated net income are considered ordinary income for tax purposes and as such are reported on the form 1040. It does not matter whether or not a partner withdrew any amount of

neg: K2 (tax scheme) shell companies offshore. An employee of the UK company would quit their job and then be rehired by the offshore company to the UK. The offshore company would pay a lower salary than the person was originally on but would additionally loan them a large sum of money. Those loans would then be written down as tax liabilities to reduce the amount of tax payable. On 19 June 2012, "The Times" published an investigation into individual tax avoidance, estimating that around 1,100 people had been using the K2 scheme to avoid making tax payments totalling around £168million. "The Times" report

neg: Taxation in New Zealand to pay tax more than once on the same income. New Zealand has double taxation agreements with various countries that set out which country will tax specific types of income. Some agreements protect pension payments as well. The agreement with the United States, for example, prohibits New Zealand from taxing American social security or government pension payments, and the reverse is also true. All employees pay an earner's levy to cover the cost of non-work related injuries. It is collected by Inland Revenue on behalf of the Accident Compensation Corporation (ACC). The earner's levy is payable on salary and wages

neg: Novated lease the employee: While a salary packaged novated lease has the potential to yield tax benefits for the employee, providing net savings on the overall cost of purchasing and running a motor vehicle, the complexity of the process and lack of transparency makes it difficult for most people to evaluate the extent of the benefits. Salary packaging companies will usually provide a comparison stating projected savings, but this only compares leasing the vehicle with the same estimated costs without the benefit of salary packaging. This is unlikely to be how a motor vehicle would actually be purchased in Australia, in most

neg: Taxation in Lithuania lower levels of employment income). Some types of income is taxed at a lower rate of 5%. A separate health insurance contribution of 9% (6% payable by the employee and 3% by the employer, although exceptions exist) is levied on some of the income, including income from employment. Lithuanian personal income tax system is classified as a case of flat tax, although the existence of basic deduction on salaries () means that the effective tax rate will depend on the level of income. As of 2015, the size of the basic deduction depends on the basic salary, the number of

neg: Taxation in Iran rolls article no 84. all employees salary tax rate from the beginning of the 1396 fiscal year is as below : Every year annual salary exemption from tax will be announce by Iranian tax organization up to this level the salary tax rate is zero . Up to the 5 times more than annual exemption salary tax rate is 10% In excess of above level salary tax rate is 20% . For taxable income consisting of salary and benefits, employers are required to make the necessary tax deductions from their employees’ payroll and submit them to the tax authorities. However,

neg: Pensions in the United Kingdom their employees access to a defined benefit occupational pension scheme, often based on final salary. In such an arrangement, the employee was typically promised a pension of a fixed proportion of their salary in the period leading up to retirement. The proportion would depend on the number of years of service with the employer. Post retirement increases are typically partly discretionary, however, must comply with statutory minimums. The amounts payable are restricted by taxation rules, the maximum being typically either a pension of one-sixtieth of final salary for each year of membership or a pension of one eightieth of their

neg: Salary calculator pay raise or calculate their post tax income Salary calculator A salary calculator is an online application that provides salary information to the user. The majority of websites offering salary information utilize a salary calculator function to present this data. The salary calculator will request a search term, city, and state or zip code as an input. Post entry, the application returns a list of job titles that most closely match the search terms. Once the user selects a job title, the application will generate salary information, typically in the form of a graph. Salary calculators are usually used by

neg: Taxation in Bermuda an employee's salary. Payroll tax payable is based on the size of an employer's annual payroll and the income of individual employees. Revenue from payroll tax in 2015/16 was $353 million. Customs duties in Bermuda are levied on almost all goods arriving in the island. Import tax is quite heavy in Bermuda. Almost everything in Bermuda is imported including food. Consequently, prices are high in Bermuda and the cost of living in Bermuda is far higher than many other countries, and is a major source of government revenue. In 2015/16 fiscal year, government revenues were $935 million, of which custom

neg: NBA salary cap future seasons based on league revenues. For the 2015–16 season, the salary cap was $70 million and the luxury tax limit was $84.74 million. For the 2016–17 season, the salary cap was set at $94.14 million and the luxury tax limit was $113.29 million. For the 2017–18 season, the cap is set at $99 million for the salary cap and $119 million for the luxury tax.The NBA's salary caps are considered "soft" salary caps. There are two kinds of salary caps: soft and hard. Soft salary caps allow teams to go above the salary cap however will subject the teams

neg: Allan Houston long or how rich the contract was. The provision did not negate the player's contract, a team's obligation to pay the player, or the impact on the salary cap; it merely removed the player's salary when computing the luxury tax. This rule benefited teams that were in danger of facing the "luxury tax" penalty, a tax paid on salaries spent above a certain threshold of total team salary. The correct term is "amnesty clause," but because the team with the worst problems was the Knicks, and their worst financial liability was Houston, it was quickly dubbed the "Allan Houston Rule."

neg: Tax deferral lower salary than would otherwise be the case once the tax rate increases. Alternatively, the owner of a new or struggling business can be paid a higher salary than his or her company can nominally afford to pay in hopes that when the business is more profitable, the amount of taxes owing in higher tax brackets will be less or none at all. At the very least, it is usually advisable for business owners to at least pay themselves enough salary to use up all of their basic personal exemptions for a given tax year, since these exemptions typically cannot

neg: Salary packaging Salary packaging Salary packaging (also known as salary sacrifice or salary exchange) is the inclusion of employee benefits (also called fringe benefits) in an employee remuneration package in exchange for giving up part of monetary salary. Such arrangements are entered into most commonly if there are tax or other benefits to be derived by the employer or employee from the arrangement. In the United Kingdom, employee benefits commonly included in salary sacrifice arrangements are pension contributions, childcare vouchers, annual leave, etc. If correctly structured, the arrangement can benefit both parties as it saves them both NI contributions as well as

neg: Share Incentive Plan in the SIP for more than 5 years no Income Tax or National Insurance is payable when the shares are eventually removed from the SIP. The purchase of Partnership Shares can be funded in 2 ways; either a single lump sum contribution once a year; or monthly contributions (subject to a maximum of £125 per month or 10% of salary (£150 per month from 6 April 2014), whichever is the lower, and a minimum of £10 per month). If the employee opts to make a lump sum contribution, the Partnership Shares must be purchased within 30 days of the deduction

neg: Professional Tax Professional Tax Profession tax the tax by the state governments in India. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor etc. are required to pay this professional tax. Different states have different rates and methods of collection. In India, profession tax is imposed evel. However, not all states impose this tax. The states which impose professional tax are Punjab, Karnataka, Bihar, West Bengal, Andhra Pradesh, Telangana, Maharashtra, Tamil Nadu, Gujarat, Assam, Kerala, Meghalaya, Odisha, Tripura, Madhya Pradesh, and Sikkim. Business owners, working individuals, merchants and people carrying out

neg: Novated lease or "non-maintained novated lease" where only the novated lease itself is salary packaged, with none of the other running costs such as fuel, insurance or maintenance being paid by the employer. This arrangement is of little or no benefit to the employee as there is no change to the fringe benefit value, being based on the original purchase price, but any tax benefits on the other running costs are lost as they are not salary packaged. The effect of paying FBT or using ECM offsets most or all the potential tax benefits from salary packaging the lease rentals alone. For

neg: Salary cap a penalty which is known in advance. Typically these penalties are financial in nature; fines or a luxury tax are common penalties used by leagues. A salary floor is a minimum amount that must be spent on the team as a whole, and this is separate from the minimum player salary that is agreed to by the league. Some leagues, in particular the NFL, have a "hard" salary floor that requires teams to meet the salary floor every year, which helps prevent teams from using the salary cap to minimize costs. When the salary cap and floor are the same,

neg: Professional sports end of the 2011–12 season was expected to receive a total salary of RUB 900.2 million (£35.7 million) after income tax, making Eto'o the second highest-earning athlete in the world and the highest-paid footballer in the world followed by Lionel Messi and Zlatan Ibrahimović. The average salary of a player in the German Bundesliga was about €3.3 million (£2.5 million) for the 2010–11 season, up from €2.5 million in the 2009–2010 Bundesliga season. The highest-paid player for the 2010–11 Bundesliga season was Franck Ribéry of Bayern Munich who received a salary of €6.3 million after income tax. In the Italian

neg: Lucas v. Earl salary as his income. The issue before the court centered on whether Guy Earl alone or, alternatively, Earl and his wife, should be taxed on the salary and attorneys fees earned by Earl in 1920 and 1921. The Bureau of Internal Revenue (the predecessor to the Internal Revenue Service) determined, and the Board of Tax Appeals (predecessor to the United States Tax Court) ruled, that the tax imposed on Mr. Earl was imposed on his entire salary, including the portion assigned to his wife. Earl appealed, and the decision was reversed by the Circuit Court of Appeals for the Ninth

neg: NBA salary cap to reduced privileges in free agency. If the team goes above the tax line - typically about 10 million dollars higher than the salary cap - they will be subject to the luxury tax (for every dollars a team goes over they are subject to a variable amount of tax per dollar). Hard salary caps forbids teams from going above that salary cap no matter what the circumstance. The majority of leagues (NFL, NHL, MLS) have hard caps while the NBA has a soft salary cap. The NBA had a salary cap in the mid-1940s, but it was abolished after

neg: Luxury tax (sports) Association (NBA), National Football League (NFL), and National Hockey League (NHL)), there are three different methods employed to limit individual teams payroll: hard salary cap, soft salary cap with luxury tax, and luxury tax. A hard salary cap is where the league sets a maximum amount of money allowed for player salaries, and no team can exceed that limit. A soft salary cap has a set limit to player salaries, but there are several major exceptions that allow teams to exceed the salary cap. For example, in the case of the NBA, teams can exceed the salary cap when keeping

neg: Professional Tax of tax. In case of late filing of returns, a penalty of Rs. 1000 per return will be imposed if you filed after due date in 1 month. After 1 month, a penalty of Rs. 2000 will be imposed. Professional Tax Profession tax the tax by the state governments in India. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor etc. are required to pay this professional tax. Different states have different rates and methods of collection. In India, profession tax is imposed evel. However, not all states impose

neg: Salary cap League (NHL). During the Great Depression, the league was under financial pressure to lower its salary cap to $62,500 per team and $7,000 per player, forcing some teams to trade away well-paid star players in order to fit the cap. Prior to the resolution of the 2004–05 lockout, the NHL was the only major North American professional sports league that had no luxury tax, very limited revenue sharing and no salary cap. During the Original Six era through to the early years of the expansion era, the NHL's strict reserve clause negated the need for a salary cap. Player salaries

neg: AFL salary cap wealthier clubs, with Sydney CEO Andrew Ireland saying that the AFL needed to examine the gap between football department spending for these teams. In 2014, the AFL and its clubs accepted a luxury tax on football department spending (excluding the salary cap) to take effect in 2015 and an overall revenue tax to take effect by 2017. Clubs that exceed the football department cap will pay the AFL the lesser of $1 million or 37.5% of the excess, and repeat offenders will pay the lesser of 75% of the excess or $2 million. The breaches of the salary cap and

neg: Novated lease by the salary packaging company, but contrariwise, they may be more expensive than those privately arranged. Advertising by salary packaging providers emphasising the tax benefits of a salary packaged novated lease, the out of sight nature of salary reduction/deduction and a lack of understanding of how salary packaging actually works may induce employees to lease vehicles with costs far in excess of what they would ordinarily spend, or to continually revolve leases with the mistaken impression that the cost is equivalent or lower than keeping their existing car. There is a perceived benefit in not having to budget or worry

neg: Robin Hood effect part of a worker's salary is taxed very little or not at all, while those on higher salaries must pay a higher tax rate on earnings over a certain threshold, known as progressive taxation. This has the effect of the better-off population paying a higher proportion of their salary in tax, effectively subsidising the less-well off, leading to a Robin Hood effect. Specifically, a progressive tax is a tax by which the tax rate increases as the taxable base amount increases. "Progressive" describes a distribution effect on income or expenditure, referring to the way the rate progresses from low to

neg: Retirement Compensation Arrangements (Canada) Canada maximum. This would be 2% x years of service x final three-year average earnings or about 70% of pre-retirement income for an employee with 35 years of service."" (CRA Roundtable discussion, 1998). Failure to follow the Generally Accepted Guidelines increases the risk that CRA could deem the RCA not to be an RCA, but rather a Salary Deferral Arrangement (SDA) with substantial tax and penalties payable. To ensure the RCA qualifies under CRA’s Generally Accepted Guidelines, an Integrated Final Earnings calculation determines the entitlement from the RCA and the resulting maximum level of funding. This entitlement calculation must be

neg: Garnishment from an employee's monetary compensation (including salary), usually as a result of a court order. Wage garnishments may continue until the entire debt is paid or arrangements are made to pay off the debt. Garnishments can be taken for any type of debt but common examples of debt that result in garnishments include: When served on an employer, garnishments are taken as part of the payroll process. When processing payroll, sometimes there is not enough money in the employee's net pay to satisfy all of the garnishments. For example, in a case with federal tax, local tax, and credit card

neg: Salary cap Salary cap In professional sports, a salary cap (or wage cap) is an agreement or rule that places a limit on the amount of money that a team can spend on players' salaries. It exists as a per-player limit or a total limit for the team's roster, or both. Several sports leagues have implemented salary caps, using it to keep overall costs down, and also to maintain a competitive balance by restricting richer clubs from entrenching dominance by signing many more top players than their rivals. Salary caps can be a major issue in negotiations between league management and players'

neg: Luxury tax (sports) are under the tax threshold. There was no luxury tax implemented in the 2004-2005 season due to insufficient basketball-related income. Although exceeding the luxury tax threshold costs a team twice as much money, it does not seem to limit teams' willingness to spend big money on players. The Canadian Football League has a luxury tax. Penalties for teams that breach the salary cap regulations are: The National Football League (NFL) and the National Hockey League (NHL) both have hard salary caps, making it unnecessary to utilize the luxury tax. Several other leagues in the United States and abroad use salary

neg: Bonus payment Bonus payment A bonus payment is usually made to employees in addition to their base salary as part of their wages or salary. While the base salary usually is a fixed amount per month, bonus payments more often than not vary depending on known criteria, such as the annual turnover, or the net number of additional customers acquired, or the current value of the stock of a public company. Thus bonus payments can act as incentives for managers attracting their attention and their personal interest towards what is seen as gainful for their companies' economic success. There are widely‐used elements

neg: Chancellor of the Duchy of Lancaster the sinecure is a minister without portfolio; Oswald Mosley, for example, focused on unemployment after being appointed to the position in 1929 during the second MacDonald ministry. The Chancellor of the Duchy of Lancaster is entitled to a salary under the Ministerial and other Salaries Act 1975, but section 3 of the Act provides that the salary "shall be reduced by the amount of the salary payable to him otherwise than out of moneys so provided in respect of his office". The Office of the Chancellor of the Duchy of Lancaster is part of the Cabinet Office. From 1997 until

neg: Performance-linked incentives for the results. Salary is paid in short, definitive cycles (e.g., weekly, monthly, fortnightly etc.) while PLI is paid in a longer cycle of monthly, quarterly or half-yearly, yearly. Bonus is paid for the performance of the organization while PLI is paid for the individual's performance. Bonus is normally paid yearly or half-yearly. This is normally paid as a percentage of one's salary, or as a fixed amount, of the employee's individual performance. Some organizations give a retention bonus which is payable for the period that an employee stays back in the organization. This is paid for the value added

neg: Cafeteria plan most today are operated through a "salary redirection agreement", which is a payroll deduction in all but name. Deductions under such agreements are often called pre-tax deductions. Salary redirection contributions are not actually or constructively received by the participant. Therefore, those contributions are not generally considered wages for federal income tax purposes, nor are they usually subject to Federal Insurance Contributions Act tax (FICA) and Federal Unemployment Tax Act (FUTA). Reasons for implementing a Section 125 plan are primarily for the tax savings advantages for the employer and employee. Both parties save on taxes and therefore increase their spendable income.

neg: Salary cap payments, plus an additional $150,000 for club-related employment, educational, and ambassadorial roles, and the balance for health insurance and technology allowances. For the 2019 season, the minimum player wage (not including the health insurance allowance, set at $1,635 for that season) rises to $30,000, and the team cap on playing payments rises to $515,000. "Salary caps and currency conversions accurate ." Notes: "Salary caps and currency conversions accurate as of January 2018." Salary cap In professional sports, a salary cap (or wage cap) is an agreement or rule that places a limit on the amount of money that a team

neg: Professional sports top league, Serie A, the average salary was about €5 million for the 2010–2011 Serie A season, up from €1 million in the 2005–2006 Serie A season. The highest-paid player for the 2010–2011 Serie A season was Zlatan Ibrahimović of A.C. Milan who received a salary of €25.9 million after income tax and which also includes Ibrahimović's bonuses and endorsements. Lionel Messi of FC Barcelona is the world's second highest-paid player receiving a salary of £29.6 million (over US$45 million) a year after income taxation and which also includes the incomes of Messi's bonuses and endorsements. In the Spanish La

neg: Salary packaging save the employee income tax. Salary sacrifice can be extended to any range of benefits and in 2008 is becoming increasingly popular in the public sector as well as for transport related benefits e.g. Cycles, Bus Travel and Low CO emission cars. Salary sacrifice is also commonly used to fund the introduction of Flexible Benefit Plans in the UK. Contrary to popular belief, provisions in the FBT (Fringe Benefits Tax) act allow for the employees of private companies to utilise. Items commonly salary packaged include: Some companies also allow their employees to salary package other items, including household utility bills,

neg: Marvin Miller sports. In 1970, players gained the right to have grievances heard by an impartial arbitrator. In 1973, they achieved a limited right to have salary demands subjected to arbitration. MLB is the only professional sport in the U.S. not to have a salary cap. (Although a competitive balance tax has been implemented since 2002, whereby any teams that exceed a mutually agreed upon amount in total salaries are assessed the tax which is paid to MLB and put in an industry growth fund to keep the sport competitive.) Former MLB Commissioner Fay Vincent said upon learning of Miller's death in