Income Withholding Vocabulary Words
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Federal income tax is paid with fica as part of federal tax liability.
Income withholding vocabulary words. Start studying income withholdings vocab words key. Employee s withholding allowance certificate the information provided on this form determines the percentage of gross pay to be withheld for taxes. In other words net pay is the amount of the employee s paycheck. Is the money that you earn by working.
This is calculated by considering taxable compensation on a wage bracket method but can also be taken as a flat dollar amount or percentage. Money vocabulary pay wage salary earnings income remuneration. What s the different these 6 words in business english. State and local income tax withholding methods vary as do whether or not that tax is taken in that state.
Finally discretionary deductions. 1 n the act of holding back or keeping within your possession or control i resented his withholding permission there were allegations of the withholding of evidence type of. Is the money that someone is paid every week by their employer. Withholding tax tax on income imposed at source i e.
Deduction subtraction the act of. Learn vocabulary terms and more with flashcards games and other study tools. Is the money that someone is paid every month by their employer. Paye pay as you earn the british system of withholding tax type of.
Start studying taxes payroll deductions lesson 4 vocabulary words. Then withholding for federal and state income taxes are taken out as well as deductions for fica tax social security and medicare. Income withholdings vocabulary words key draft. The calculation for net pay begins with gross pay.
Holding keeping retention the act of retaining something n the act of deducting from an employee s salary type of. 1 n income tax withheld from employees wages and paid directly to the government by the employer synonyms. Learn vocabulary terms and more with flashcards games and other study tools. The process where employers deduct income taxes from their employee s pay each pay period and forward it to the different levels of government at regular intervals.
Withholding taxes are found in practically all tax systems and are widely used in respect of dividends interest royalties and similar tax payments. Net pay is the amount of pay an employee receives after all withholding and deductions from gross pay.
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