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Can you instruct your payroll department not to withhold any federal and state taxes from your paycheck?
Only under very limited circumstances if, for some reason, you are qualified to be exempt from withholding taxes. Under most circumstances, no. The company is required to withhold taxes and report employee earnings.
What would be used to compute the federal income taxes to be withheld from an employee's earnings?
Wage bracket and withholding table
Which tax form is completed by an employer to inform the employee of the amount of federal withholding for the previous year?
W-4
Is there a penalty for not withholding enough federal taxes in your paycheck?
Uh, kinda. You have to pay whatever you owe plues penalty and intrest on underpayment, when you do your tax return.
Which states accept the federal W4 form for state withholding?
It varies by state. Some states do not have a state tax withholding form - and in that situation an employee can submit a Federal W-4, designating that he/she is only changing their state tax withholding only. In addition, there are other states (i.e. Washington, Tennessee and Texas) that do not have state tax withholding at all.
What is withholding payment?
Withholding is the portion of an employee's wages that is not included in their paycheck but is instead remitted directly to the federal, state, or local tax authorities. Withholding reduces the amount of tax employees must pay when they submit their annual tax returns. For employees, withholding is the amount of federal income tax withheld from your paycheck. The amount of income tax your employer withholds from your regular pay depends on two things: The amount you earn. The information you give your employer on Form W–4.
Income tax withheld from each paycheck and sent to the state or federal government?
withholding tax.
What is income tax withheld from each paycheck and sent to the state or federal government?
WithholdING taxes
Income tax withheld from each paycheck and sent to the state of federal government?
withholding tax
What is a best definition of withholding?
The portion of gross pay that an employer deducts from an employee's paycheck each pay period.
What is the best definition of the withholding?
The portion of gross pay that an employer deducts from an employee's paycheck each pay period.
Income tax withheld from each paycheck and sent to the state or federal government is called what?
WithholdING taxes
What is the term for income tax withheld from each paycheck and sent to the state or federal government?
Withholding Tax
Which of these statements is trueMore allowances deducted from a paycheck ensure that a person will receive a large refund at the end of the year?
The fewer allowances an employee declares, the more money the federal government will withhold from a paycheck.
Can you instruct your payroll department not to withhold any federal and state taxes from your paycheck?
Only under very limited circumstances if, for some reason, you are qualified to be exempt from withholding taxes. Under most circumstances, no. The company is required to withhold taxes and report employee earnings.
What would be used to compute the federal income taxes to be withheld from an employee's earnings?
Wage bracket and withholding table
Which tax form is completed by an employer to inform the employee of the amount of federal withholding for the previous year?
W-4
