Withholding
Term category:
Taxes
In 10 words
or less: Amount withheld from a paycheck to pay taxes with.
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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