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Sagot :
The following are the main distinctions between income tax and withholding tax:
Withholding tax is the amount that an employer deducts from a worker's gross pay before remitting it to the government. The vast majority of employees in the US are obligated to withhold taxes. The employee's yearly income tax responsibilities are reduced by the amount withheld.
The term "income tax" refers to a class of taxes that governments impose on income generated by businesses and individuals within their jurisdiction. According to the legislation, taxpayers must file an income tax return every year in order to determine their tax liability.
Income taxes provide money for governments. They are employed to settle government obligations, finance public services, and satiate the needs of the populace. Along with the federal government, several states and local governments also require payment of income tax.
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