Round the amount of tax due up or down to the nearest cent. "Withholding tax" refers to the money that an employer deducts from an employee's gross wages and pays directly to the government.A buyer or other transferee of a USRPI must complete and file Part I of Form 8288 to report and transmit the amount withheld. You must make all deposits of taxes paid with respect to Form 1042-S (including taxes withheld under either chapter 3 or chapter 4) electronically. This form is used to identify the correct rate of withholding on applicable payments made to you, if withholding is applicable on future payments. (cooking wine, wine vinegar and , alcohol-filled candies are exempt.) 3. Cigarettes, tobacco and tobacco products. 4. Feeling good about filing your own taxes but want to do it for free, without any hidden fees? Most countries charge a tax on an individual's income and corporate income. A business model is a company's profit-making plan.