Google's Decided To Deduct 24% Tax From YouTube Users

If you are a YouTuber and your channel is monetized, know that Google (the company that owns YouTube, the world's largest video-sharing website) will hold about a quarter of your revenue, or 24% holding tax from June 2021.

Under U.S. tax law, YouTube is responsible for collecting tax information from all creators who create monetized content outside the United States, and in some cases may deduct taxes from those creators when they are making money from U.S. users. This revenue can be earned through AdViews, YouTube Premium, Super Chat, Super Stickers, and Channel Membership.

Technology giant Google says it wants to introduce a withholding tax on revenue from US consumers as early as June 2021, asking YouTube to submit its tax forms on AdSense as soon as possible.

Google says it will apply to all monetized creators on YouTube, no matter where they are in the world. If your tax returns are not provided by May 31, 2021, Google will cover up to 24% of your global revenue. Can deduct

The statement from YouTube added that those who provide their tax information before the deadline could also be given tax breaks in countries that have a double tax treaty with the United States. (A list of such countries can be found here). However, it is not clear what the minimum tax will be.

What should you do?

You do not need to worry if your channel is not monetized but if you are earning something from the above stream sites then you have to submit your tax information on AdSense in the following way.

  1. Log in to your AdSense account.
  2. Press the Payments button.
  3. Press the Manage Settings button.
  4. Scroll down to the Payment profile and click the United States Tax Info button next to Edit Next.
  5. Click Manage Tax Information.
  6. On this page, you will find a guide that will help you find the relevant form.

If you want to know more, the answers to your questions can be found on the Google Frequently Asked Questions (FAQ) page.

We also have some questions in this regard, which we have shared with Google, the answers to which will be included in this story.

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