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Home > Accounting > Question

Tax on salaries is categorized under:

0
A) Sales Tax
B) Excise Duty
C) Customs Duty
D) Income Tax

Correct Answer: D) Income Tax

• Tax directly deducted from a working employee's monthly salary is classified as Income Tax. • Income tax is a prominent and universally applied example of a Direct Tax. • Tax heavily applied on the sale and consumption of everyday goods is called Sales Tax. • Taxes levied specifically on imported or exported foreign goods are Customs Duties. • Tax that is actively deducted at the very source of earning is called Withholding Tax.

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