Net Refund
Net Refund Recipient Definition | Law Insider
Related to Net Refund RecipientPayment Recipient has the meaning assigned to it in Section 7. 11(a). Designated recipient means a person chosen by a user using an online tool to administer digital assets of the Recipient means a nonprofit or governmental organization that receives funds to operate a center pursuant to this means a non-Federal entity receiving ARRA Funds through a Prime Recipient to carry out an ARRA funded program or project, but does not include an individual that is a beneficiary of such a program. The term ” Sub- Recipient” is intended to be consistent with the definition in OMB Circular A-133Settlement Method means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination Settlement, as elected (or deemed to have been elected) by the brecipient means an entity that:Eligible Recipient means an employee, director, independent contractor or consultant of the Company or any Affiliate of the Company who has been selected as an eligible participant by the Administrator; provided, however, to the extent required to avoid the imposition of additional taxes under Section 409A of the Code, an Eligible Recipient of an Option or a Share Appreciation Right means an employee, director, independent contractor or consultant of the Company or any Subsidiary of the Company who has been selected as an eligible participant by the Administrator. Eligible Recipients means all employees of the Company or any Subsidiary and any non-employee directors, consultants and independent contractors of the Company or any ansferring Supplier Employees means those employees of the Supplier and/or the Supplier’s Sub-Contractors to whom the Employment Regulations will apply on the Service Transfer yment Method means a valid credit card issued by a bank acceptable to Upwork, a bank account linked to your Account, a PayPal account, a debit card, or such other method of payment as Upwork may accept from time to time in our sole yment Initiation Service Provider or “PISP” means a Third Party Provider that provides a service in which the PISP gives instructions to us on your behalf to carry out an Account transaction on your Online Payment Account where payments can be made using Digital ternate Recipient means any Child of a Participant who is recognized under a Medical Child Support Order as having a right to enrollment under this Plan as the Participant’s eligible Dependent. For purposes of the benefits provided under this Plan, an Alternate Recipient shall be treated as an eligible Dependent, but for purposes of the reporting and disclosure requirements under ERISA, an Alternate Recipient shall have the same status as a Recipient means the person, entity or entities that are to receive or have received grant funds through an award from the Illinois State Board of Education. The terms “grantee” and “award recipient” may be used stomer channel termination point means the location where the customer either inputs or receives the ansferring Employee means an employee at the airport who timely transfers to the regional authority by the transfer date. Purchasing Party means a Party purchasing an Offered Party Data Provider means any third party providing Third Party Content to Recipient means the party (being either the Association or #[Party 2], as appropriate) to whom Data is disclosed;Prime Recipient means a Colorado State agency or institution of higher education that receives an cipient means anyone who receives the Program under this Agreement, including all Contributors. Certified service provider means an agent certified:Input Service Distributor means an office of the supplier of goods or services or both which receives tax invoices issued under section 31 towards the receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax, State tax, integrated tax or Union territory tax paid on the said services to a supplier of taxable goods or services or both having the same Permanent Account Number as that of the said office;Recipients may be individuals or organizations.
Refund a Payment
Scenario
A refund is when you have charged a payer, and need to cancel the payment and return the funds to the payer. The funds will be returned to whatever payment method (credit card, bank account) that the payer initially used to make the payment.
Note
It is the merchant’s responsibility to post their refund policy. WePay recommends that your platform enable your merchants to post their refund policy via your UI.
Example
A payer bought tickets to an event, but realized they can no longer attend. They ask for a refund on their tickets and you want to be able to return the money to them easily.
Key Concepts
A refund can either be FULL or PARTIAL.
Full refund – 100% of the amount paid is returned to the payer.
Partial refund – An amount up to the net (the amount the merchant received) will be returned to the payer. Multiple partial refunds can be made until the full net has been refunded. WePay fees will not be refunded on partial refunds, and the platform fees will only be refunded if explicitly stated in the app_fee parameter of the /checkout/refund call.
Time limit: Refunds can only be issued 60 days after the initial payment was released. Please let us know if this limit is insufficient for your use case.
Solutions include:
Full refund
Partial refund
Full Refund
To refund a payment, make the /checkout/refund call with the appropriate access_token.
API Call:
Parameter
Description
checkout_id
The unique ID of the original payment (found using /checkout/find).
refund_reason
The reason you’re refunding the payment.
PHP
cURL
Ruby
Python
Response:
The unique ID of the original payment.
state
Tells you whether the refund was successful. Learn more about checkout states.
JSON
Partial Refund
To refund a payment, make the /checkout/refund call with the appropriate access_token. You’ll pass in the amount that you want to refund. This amount will be taken from the ‘net’ that the merchant received and NOT WePay’s fee or your app fee (if applicable). If you want to refund part of your app fee, you can pass the app_fee parameter.
amount
The amount you want to refund either from the net (the amount the merchant received) or from the app fee (the amount that you, the app, received)
app_fee
The amount you want to refund from the app_fee (the amount that you, the app, received)
The unique ID of the original payment
If you refund less than the entire amount, the state of the checkout will remain captured, and there will be an amount_refunded response parameter on the /checkout call that will indicate how much of the payment has been refunded. You can initiate multiple partial refunds against a single payment, and the amount_refunded parameter will update automatically with each refund.
Refund Definition – Investopedia
What Is a Refund?
A refund, in the context of taxes, is reimbursement for an overpayment of taxes by a government taxing authority. In a wider context, businesses and merchants issue refunds to customers who are dissatisfied with the goods or services they purchased.
Key Takeaways
A refund is a reimbursement from a government of taxes that were paid above the amount that was average refund for an American taxpayer for the tax year 2019 was $2, 869Refunds can also refer to the money a store or business returns to an unsatisfied customer.
How a Refund Works
The Internal Revenue Service (IRS) is the biggest issuer of tax refunds, although state and local governments also refund taxpayers. In the fiscal year 2020, the IRS issued more than 125 million refunds totaling over $317 billion. The average tax refund issued was $2, 535.
IRS Statistics on Returns From 2019 to 2020
Total Refunds
2019
2020% Change
Number
111, 596, 000
125, 299, 000
12. 3
Amount
$ 319. 218 billion
$ 317. 692 billion
-0. 5
Average Refund
$2, 860
$2, 535
-11. 4
Direct Deposit Refunds
91, 955, 000
102, 399, 000
11. 4
$273. 525 billion
$267. 864 billion
-2. 1
$3, 036
$2, 979
-1. 9
The IRS issues refunds regularly throughout the year. Using the Where’s My Refund tool on the IRS website, a taxpayer can check the status of an expected refund. Users input their Social Security number or tax identification number (TIN), filing status, and the exact amount of the expected refund to retrieve the status, which is typically updated once per day.
According to the IRS, 90% of electronically filed tax returns are processed within 21 days from the e-file acceptance date. Mailed paper returns, meanwhile, usually process within six to eight weeks from the date they are received.
Special Considerations
On Dec. 18, 2015, Congress enacted the Protecting Americans from Tax Hikes (PATH) Act. The act requires that the IRS not issue refunds for tax returns which include the Earned Income Credit (EIC) or Additional Child Tax Credit until Feb 15. For some taxpayers, this act extends the time between submitting a return and the processing of their refund.
State Income Taxes
State taxing authorities also issue refunds, and most states have a system that allows taxpayers to verify the status of them.
Eight states—Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming—have no state income taxes. Residents of these eight states do not file state tax returns but are still responsible for filing a federal tax return. As of 2021, just New Hampshire does not assess taxes on wage income but does tax investment income and dividend income. Tennessee used to tax investment income as well but the tax was repealed on Jan. 1, 2021.
Each state regulates the form and amount of business, or corporate, income tax. Some states tax gross receipts and others tax business income. According to the Tax Foundation, an independent tax policy non-profit, state business rates ranged between 2. 5% and 12% in 2019.
Types of Refunds
Beyond tax refunds, there are also refunds for goods or services that businesses issue. Companies may issue refunds to customers based on their return policy. Although rare, some businesses have liberal return policies that allow customers to return purchased goods at any time for a full refund, with or without a receipt.
Typically, e-commerce businesses wait until the returned product is received before they will issue a refund. Companies create return policies that strike a balance between excellent customer service and the company’s profitability. Service providers, too, may allow partial or full refunds for unsatisfactory or unfulfilled services.
Example of Tax Refunds
After the passage of the 2017 Tax Cuts and Jobs Act, the actual amount of taxes the IRS refunded decreased. This is because rule changes reduced the amount of money employers needed to withhold from paychecks. The benefit to workers has been more take-home pay, but the tradeoff is less money returned after filing.
Having a smaller tax return is probably better than having a larger one, however. The money held by the government throughout the year does not earn interest. If taxpayers and employers withheld money for taxes in a savings account, for example, it could earn about 0. 5% interest over the course of the year.
Frequently Asked Questions about net refund
What is payment refund?
Scenario. A refund is when you have charged a payer, and need to cancel the payment and return the funds to the payer. The funds will be returned to whatever payment method (credit card, bank account) that the payer initially used to make the payment.
How do I refund a transaction?
To issue a refund in the Control Panel:Log into the Control Panel.Click on Transactions in the navigation bar.Scroll to the Transaction Search section.Define your desired parameters and click the Search button.Click on the desired transaction ID link.Click the Refund button at the top of the page.More items…
What is an refund?
A refund is a reimbursement from a government of taxes that were paid above the amount that was due. The average refund for an American taxpayer for the tax year 2019 was $2,8691 Refunds can also refer to the money a store or business returns to an unsatisfied customer.Mar 15, 2021
