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Definition: The amount withheld from a paycheck or investment account in order to pay a tax liability.
Advice: Federal and social security taxes are withheld from paychecks and placed into tax and loan accounts with banks. This money is then paid to the government as part of your tax liability. If you have a particularly large tax liability, you may be required to withhold a greater portion of your paycheck in order to ensure that your tax liability is met.
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Spend Less Than You Earn
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