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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.

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12y ago

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Related Questions

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.


Which IRS publication is used to calculate federal income tax withholding amounts from payroll checks?

The IRS publication used to calculate federal income tax withholding amounts from payroll checks is Publication 15, also known as Circular E, Employer's Tax Guide. This publication provides guidance on withholding tax rates, employee exemptions, and other relevant information for employers. It is updated annually to reflect any changes in tax laws and withholding rates.


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.


Is a retirement pension subject to Federal Income tax withholding?

Withholding is optional on regular periodic retirement pension payments. You may request withholding if you wish. Ask the payer for a withholding form. However, pension payments (except for return of employee after-tax contributions and Roth 401k employee contributions and earnings) are taxable. You will have to pay tax on them when you file your tax return at the end of the year. And if you don't have withholding, you may have to make quarterly estimated tax payments in order to avoid an underpayment penalty.