Tag: WI
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Withholding
Withholding means:the retaining ("pay-as-you-earn" taxation) by an employer of a portion of an employee's wages for the purpose of paying for various taxes, insurance plans, pension plans, union dues, and other deductions. Money, for example, that employers withhold from […]
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Withholding Allowance
Description and Definition of Withholding Allowance Your withholding allowance is the total number of allowances or exemptions you claim on your Form W-4. The more allowances you claim the less income tax will be withheld. Generally, you claim one allowance for yourself, your spouse, and each […]
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Witness
Description and Definition of Witness An individual who testifies at a trial on what he has seen, heard, or otherwise observed. Resources See Also Further Reading Witness in the West's Tax Law Dictionary Witness in "A Dictionary of Taxation"
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Windfall Profit Tax
Windfall Profit Tax means:a federal excise tax on the difference between the removal (sales) price and the specified adjusted base price of a taxable barrel of crude oil. See Excise and Excise….
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Will
Will means:a legal document that serves as a key vehicle of transfer at death. Within the document are specific instructions as to the disposition of the estate and the designated executor (executrix). If a person does not prepare a will, state law will govern the disposition of his or her prope…
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Windfall Profit Tax Credit
Windfall Profit Tax Credit means:an annual refund or credit of windfall profit taxes paid on taxable crude oil attributable to a nonoperating economic interest on up to three barrels per day….
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Willful
Willful means:intentional; used to describe an act undertaken with a bad purpose, without justifiable excuse, or stubbornly, obstinately, or perversely….
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Withholding Tax
Withholding Tax means:the amount of income tax an employer is required to withhold from an employee's salary when the salary is paid. Tax on income imposed at source, i.e. a third party is charged with the task of deducting the tax from certain kinds of payments and remitting that amount to the …
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Without Recourse
Without Recourse means:words used in factoring accounts receivable or endorsing a note or bill to denote that the holder is not to look to the debtor personally in the event of nonpayment. The creditor has recourse only to the property. Without recourse is a form of exculpation, and such debt is…
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Winding Up
Winding Up means:the process of liquidating a corporation. Winding up consists of collecting the assets, paying the expenses, satisfying creditors' claims, and distributing the net assets, usually in cash but possibly in kind, to shareholders according to their liquidation preferences and rights…