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Income tax definition employee. It is important to decide whether a worker is an employee or a self employed individual employment status directly affects a person s entitlement to employment insurance ei benefits under the employment insurance act it can also have an impact on how a worker is treated under other legislation such as the canada pension plan and the income tax act. Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. Employers must deposit and report employment taxes see the employment tax due dates page for specific forms and due dates. The employer should consider the business relationship he has with the person in question for.
The money taken is a credit against the employee s annual income tax. A withholding tax takes a set amount of money out of an employee s paycheck and pays it to the government. The internal revenue tax code considers the degree of control a business exerts over an individual and the individual s independence when determining the worker s status as an employee or an independent contractor. The medicare tax has no upper income limit.
Total self employment tax rate is therefore 12 4 2 9 15 3. Income tax is used to fund public services pay government.
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