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Withholding tax code thresholds

Calculate Withholding Taxes using thresholds.

Accountability offers 2 types of threshold methods to calculate Withholding Tax.

  • Invoice - the system uses the invoice amount to determine if the threshold is met.
  • Annual Amount - the system reviews all past invoices for the year and determines if the threshold is met.

Threshold Method - Invoice

Select Invoice from the Threshold Method field and additional fields will appear.

Screen Shot 2022-12-05 at 1.04.32 PM

 

Field Description
Threshold Currency Select the currency from the drop-down list.
Threshold Amount Enter the threshold amount.
Below Threshold WHT % Enter the percentage for the system to calculate withholding tax if the amount is equal to or falls below the Threshold Amount.
Above Threshold WHT % Enter the percentage for the system to calculate the withholding tax on the invoice amount above the threshold.

 

Threshold Method - Annual Amount

Select Annual Amount from the Threshold Method field and additional fields will appear.

Screen Shot 2022-12-05 at 1.08.38 PM

 

Field Description
Threshold Month Ending Select a month from the drop-down list to define the end of the threshold period. <review spec>
Threshold Currency Select the currency from the drop-down list.
Threshold Amount Enter the threshold amount.
Below Threshold WTH % Enter the percentage for the system to calculate withholding tax if the annual amount is equal to or falls below the Threshold Amount.
Above Threshold WTH % Enter the percentage for the system to calculate the withholding tax on the annual amount above the threshold, within the threshold period.