In Accounts Paybles what is the meaning holding tax ? Can u
give the answer holding journal entry
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Answer Posted / suvarchala
Payables provides flexibility in defining withholding tax
rates with specific controls. When you define a withholding
tax code, you indicate first whether you will have any
amount or rate controls by selecting one of the following
rate structures:
Period Limit. After you pay a certain amount for
withholding tax in a period, Payables stops withholding
taxes. For example, for each special calendar period,
Payables will withhold no more than $10,000.
Flat Rate. The withholding tax has no amount or period
limits.
Amount Ranges. The tax rate depends on how much you have
already paid during a time period. Base the paid amount on
the gross amount of total paid invoice amounts, or on the
total amount of tax withheld. The time period can be either
per withholding tax calendar period or per invoice. For
example, define a tax that for each year will withhold at a
rate of 10% until you pay $100,000 in invoices, and then it
withholds at a rate of 15% after you pay $100,000.
In addition to these controls, the same withholding tax
code can have different rates depending on the effective
date. For example, a withholding tax has a rate of 10% one
year and 11% the following year
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