What does remitted amount mean?

What does remitted amount mean?

Michael Smith, Certified Financial Planner That’s the amount paid. If it’s amount remitted – that’s usually talking about how much you’ve already paid, like in tax withholding. If it’s amount “to be” remitted, then it’s how much you owe. The key is figuring out if it’s what’s already been paid or what needs to be paid.

What do you mean by remitted?

Remit means send back, and it has many uses. If you remit payment, you send it back to the person you owe it to. If you’ve been in prison for five years of a seven-year sentence but you’ve been on good behavior, a judge might remit the remainder of your sentence and let you go free.

What does has been remitted mean?

verb. Remitted is defined as to have made a payment, to put back or lessened. An example of remitted is to have sent in a check to pay a bill. An example of remitted is to have been sent back to state prison.

Does remitted mean forgiven?

Remit is defined as to forgive or to send a payment.

What is the meaning of remitted in accounts?

A remittance is a payment of money that is transferred to another party. Broadly speaking, any payment of an invoice or a bill can be called a remittance. The term is derived from the word remit, which means to send back.

What does not remitted mean?

Failure to pay an amount of money that is owed. ‘non-remittance of taxes’

What does it mean when a PPP loan is remitted?

If the amount remitted by SBA to the PPP lender exceeds the remaining principal balance of the PPP loan (because the borrower made a payment on the loan), the PPP lender must remit the excess amount, including accrued interest paid by the borrower, to the borrower.

How do you use the word remit in a sentence?

Examples of ‘remitted’ in a sentence remitted

1. They pay tax only on income remitted to this country.
2. The matter should be remitted for a fresh hearing by the tribunal.
3. The claim would be remitted to the employment tribunal for determination.

What does date remitted mean?

Remittance Date means the fifteenth (15th) calendar day of each month, or the immediately succeeding Business Day, if such calendar day shall not be a Business Day, or such other day as is mutually agreed to by Seller and Buyer. Sample 2.

Shall be remitted meaning?

LAW. to order a legal case to be dealt with in a different court of law: be remitted to the court/tribunal The case will be remitted to the tribunal for reconsideration.

How do I know if my PPP loan is forgiven?

Loans received after March 3, 2021 can use their 2019 or 2020 gross income if they used their gross income to apply. If you didn’t have any other payroll expenses factoring into your PPP loan amount, this means your entire PPP loan could be forgiven for the 24-week period.

How is a PPP loan forgiveness calculated?

Divide the Covered Period value by the Lookback Period value. If the result is 0.75 or greater, this employee will not affect your forgiveness amount and can be excluded. If the result is less than 0.75, multiply the Lookback Period value by 0.75 and subtract the Covered Period value.