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"What is the tax withholding at the source?" (The reason why they deduct tax every month) - YouTube
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Hello.
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I am Hitoshi.
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Thank you for always coming to my channel.
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Today鈥檚 topic is "What is the tax withholding
at the source?"
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Though I am not an accountant, I think I need
to add brief explanation about the basic tax
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we have to pay regularly to my channel.
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Understanding what's on your pay slips and
withholding tax forms should stand about for
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your visa as well.
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Withholding at the source is "a monthly advance
deduction by a company or other organization
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on behalf of the tax office of the taxes owed
by its employees".
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The word "source" means "where the money arises".
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In other words, the meaning of withholding
is "deducting the tax when it is due".
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Employees are paid a monthly salary by the
company.
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Then there comes an "income tax" that is payable
by the individual employee.
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However, it takes a tremendous amount of time
and effort for company employees across the
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country to do the tax paperwork themselves.
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That's why the administrative, human resources,
or accounting personnel pay taxes on behalf
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of the company employees every month.
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Check out the items being deducted from the
company.
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As a company employee, these are the things
you personally have to pay each month.
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Income tax, residence tax, health insurance,
long-term care insurance, welfare pension,
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unemployment insurance
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Among these, "The company will deduct income
tax in advance" is a system of withholding.
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In the case of resident's tax, it is called
"special collection".
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Although the name of the tax is different
and it is deducted from your salary as well,
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it is not paid to the national government,
but to the local government where you live.
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The tax department and local government officials
can't handle the monthly influx of company
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employees from all over the country to the
counter to pay their taxes.
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That鈥檚 why there is a law and have the company
collect taxes first on behalf of the state.
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By the way, withholding and special collection
are the responsibility of the company that
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pays your salary or compensation.
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As for business manager visa, this is the
reason why you need to submit the report of
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starting your business to tax offices.
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The immigration authorities are checking to
make sure that you are properly prepared to
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meet your legal obligations.
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That鈥檚 all today.
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Thank you for watching.
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See you.
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