0
Withheld taxes are used for several things. City taxes and state taxes are withheld from one's paycheck. Federal taxes are also withheld from your check. That amount depends on number of kids and if one is married. It also depends on if one is head of household.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
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.
Which tax withholding is required by the federal government?
SOcial Security Tax:D
What definitions are commonly used in business?
Some definitions commonly used in business include "Accountable Plan," "Accounts Payable" and "Withholding." You can get more information about business lingo at the About website.
What is tax abatement?
Tax abatement is a reduction in the amount of tax that must be paid. The term is most commonly used in connection with real estate taxes, where owners may apply for a tax abatement on the grounds that the property is valued for tax purposes at too high a level.
How do you spell abstention?
That is the correct spelling of "abstention" (withholding an action, as with a vote).
Why withholding tax is required in SAP?
Withholding tax is not required in SAP but this functionality available for the countries where it is required. There are two kinds of Withholding tax, Classic and Extended.
Is distribution of dividends subject to expanded withholding tax how much?
If by expanded withholding tax you mean "backup withholding" applicable to only certain people/Cos (especially foreign), yes. I've never hear of the term you used.
What is the purpose of Form W-4 within the USA?
The Tax Form W4 is used by employers to see how much tax withholding they should do on an employees' wages. With over-withholding does not have any consequences, under-withholding can lead to penalties.
Difference between income tax and withholding tax?
The income tax is what is paid by "withholding of tax" from someones payment/pay. Other taxes or charges, like insurance, worker comp, etc may be [apd by withholding the amount from payment/payroll. There is really no such thing as a tax on withholding.
Is withholding tax a direct tax?
yes
What is Classic Withholding Tax?
Classic Withholding Tax applies to the practice in some countries for people paying invoices to hold back a certain portion of their payment for withholding tax purposes. The United Kingdom is one of the countries the utilizes the Classic Withholding tax method.
What is total federal income tax withholding reported on the Thurstons' tax return?
16. The Thurstons' total federal income tax withholding is $
What is the type of tax you pay from their salary?
withholding tax
Is overseas communication tax an expanded withholding tax?
No. Its an excise tax
What is the money retained from a paycheck and credited against tax liability?
It is called tax withholding. Many people simply call it withholding.
What tax withholding is required by the federal government?
social security tax
What has the author Ross McGill written?
Ross McGill has written: 'Investment withholding tax' -- subject(s): Taxation, Portfolio management, Withholding tax, Investments 'Technology Management in Financial Services (Finance and Capital Markets)' 'International Withholding Tax'
