What was the withholding tax payable for 1-800-GOT-JUNK? as of December 31, 2024?
1_800_Got_Junk Franchise · 2025 FDDAnswer from 2025 FDD Document
Current liabilities: Accounts payable and accrued liabilities $ 4,138,456 $ 3,250,709 Payable to franchise partners
13,842,336 4,635,948 Current portion of deferred revenue
521,102 371,261 Due to related parties 8,910,939 6,860,368 Deposits 201,162
Withholding tax payable
165,380 49,938
Source: Item 21 — Financial Statements (FDD page 56)
What This Means (2025 FDD)
According to 1-800-GOT-JUNK?'s 2025 Franchise Disclosure Document, the withholding tax payable as of December 31, 2024, was $165,380. This figure represents the amount of taxes that 1-800-GOT-JUNK? LLC was required to withhold from payments to others, such as employees or contractors, and remit to the appropriate tax authorities.
For a prospective franchisee, understanding the withholding tax payable is important as it provides insight into the company's financial obligations and its handling of tax-related matters. It reflects 1-800-GOT-JUNK?'s responsibility in collecting and remitting taxes on behalf of its payees. This liability is a part of the overall financial health and stability of the company.
It's worth noting that the withholding tax payable can fluctuate from year to year, depending on various factors such as changes in employment levels, contractor usage, and tax regulations. Reviewing these figures in the context of previous years, such as the $49,938 reported for December 31, 2023, can provide a more comprehensive understanding of 1-800-GOT-JUNK?'s tax management practices and financial performance.