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Q: What is another name of withholdings?
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What is another name for a payroll deduction?

Payroll deductions are also called withholdings. Things typically withheld from earnings are state and federal income taxes, social security, and national insurance.


What are withholdings?

Withholdings are funds that are deducted from an employees paycheck for taxes as well as for payment of benefits that the employee is responsible to pay. As far as withholdings of taxes, there is the employee share of Social Security and Medicare Taxes as well as the withholding of federal, state, and local income taxes. The withholdings are not payment of the income taxes but a payment toward whatever their income taxes might be. The employee will file a tax return after the end of the calendar year at which time the years withholdings will be prepayment of the tax owed on the return. If the withholdings are more that the tax is then the taxpayer will receive a refund but if the withholdings for income tax are not enough then there will be a balance due from the taxpayer that they have to pay.


What is one activity that is not supported by America's Job Bank Website?

Applicants can calculate their tax withholdings


Is it true that net pay will vary according to the amount of withholdings?

Net pay will vary according to the amount of withholdings.


Which one of these is not an employees withholdings?

investment earnings


What is the definition of net income?

the amount of paycheck after withholdings


Which one of these is not an example of an employees withholdings?

Investment Earnings


Is the best definition of net income?

the amount of paycheck after withholdings


Can you increase tax withholdings to offset 401k contribution?

yes


What is the best definition of net income?

the actual amount of a paycheck after withholdings


Which of these forms should be adjusted to change tax withholdings?

W-4


What is the difference between gross and net pay known as?

withholdings