tax withholding
Pre-emptive government cut
Tax withholding is money an employer deducts from an employee's paycheck and sends directly to the government as prepayment toward income taxes owed.
The amount withheld depends on earnings and information the employee provides on tax forms.
At year's end, if too much was withheld, the taxpayer receives a refund; if too little, they owe the difference.
Compensation for labor
- pay stubEarnings and deductions summary
- gross payEarnings before withholdings
- net payEarnings after withholdings
- deductionConclusion from premises
pay period · biweekly · monthly · direct deposit · employer · employee · wages · salary
Federal tax withholding document
- filing statusIRS household classification
- dependentsPeople financially supported
- allowancesPermitted amounts or stipends
- exemptionsReleases from obligation
IRS · federal · state tax · tax code · tax bracket · statutory · mandatory · obligatory
Federal old-age insurance program
- MedicareFederal senior health program
- FICAFederal wage withholding law
- federal income taxLevy on earnings nationwide
- state income taxGovernment's share of earnings
401(k) · retirement · FSA · health insurance · benefits · pre-tax · post-tax · garnishment
Unchanging price regardless of quantity
- taxable incomeEarnings subject to taxation
- adjusted gross incomeEarnings after initial subtractions
- tax liabilityMoney owed to government
- estimated taxPrepaid income obligation
paycheck
Compensation for labor
- pay stubEarnings and deductions summary
- gross payEarnings before withholdings
- net payEarnings after withholdings
deduction · pay period · biweekly · monthly · direct deposit · employer · employee · wages · salary · compensation
W-4 form
Federal tax withholding document
- filing statusIRS household classification
- dependentsPeople financially supported
- allowancesPermitted amounts or stipends
exemptions · IRS · federal · state tax · tax code · tax bracket · statutory · mandatory · obligatory · required
Social Security
Federal old-age insurance program
- MedicareFederal senior health program
- FICAFederal wage withholding law
- federal income taxLevy on earnings nationwide
state income tax · 401(k) · retirement · FSA · health insurance · benefits · pre-tax · post-tax · garnishment · union dues
flat rate
Unchanging price regardless of quantity
- taxable incomeEarnings subject to taxation
- adjusted gross incomeEarnings after initial subtractions
- tax liabilityMoney owed to government
- payrollpaycheck, gross pay, base salary, net pay, pay stub
- taxationtax, income tax, sales tax, tax return, tax refund
- employer dutiespayroll, payroll taxes, W-2 forms, 1099 forms, health coverage
- legal requirementstax filing, license, jury duty, permit, registration
- paycheck deductionsincome tax, federal tax, state tax, health premium, FICA
- payroll formsW-2, W-4, W-9, timesheet, pay stub
tax withholdingtax refund
Returned excess withholding
tax rebate · earned income credit · tax credit · stimulus check · money back
taxing, withhold, taxed, withholding, withheld, overtaxed, untaxed, withholds, nontaxable