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Usage explanations of natural written and spoken English. When there are so many good and beautiful things in the world, why do you see only this that is being withheld? New Word List Word List.
Save This Word! See synonyms for withhold on Thesaurus. See antonyms for withhold on Thesaurus. We could talk until we're blue in the face about this quiz on words for the color "blue," but we think you should take the quiz and find out if you're a whiz at these colorful terms. Accessed 12 Nov. More Definitions for withhold. See the full definition for withhold in the English Language Learners Dictionary. Nglish: Translation of withhold for Spanish Speakers.
Britannica English: Translation of withhold for Arabic Speakers. Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free! Log in Sign Up. Save Word. Definition of withhold. Form W-4 provides the employee with information on how much the employer withheld as income tax.
The employer figures out how much to withhold by factoring in the amount an employee earns and whether they want any additional amount withheld. The employer uses the new information to re-evaluate the portion of income to withhold for tax purposes. If the tax withheld is inaccurate, the taxpayer may pay more in income taxes or less than mandated.
If at the end of the tax year it is found that the employee paid more, the IRS will refund the excess to the employee as a tax refund. Workers who end up not paying enough tax on income earned may be subject to penalties and interest.
Self-employed workers aren't subject to withholding but must pay their income taxes, usually as quarterly estimated tax payments. Taxpayers may also have to make estimated tax payments if they receive income in the form of dividends, capital gains , interest, or royalties.
The information provided on Form W-4 is important in determining how much to withhold from the employee's paycheck for taxes. Withholding is generally classified as federal withholding or state withholding. What you are required to pay to the federal government differs from what you are required to pay to your state. Federal withholding is the amount withheld from wages for taxes owed to the federal government.
The amount of withholding is based on filing status, the number of dependents, certain adjustments to income, and other personal withholding preferences selected on form W Wage-earners can also elect to have a specific amount withheld in addition to what's calculated from elections. Alternatively, they can also elect to have nothing withheld by claiming an exemption. Federal withholding also includes amounts automatically withheld for Social Security and Medicare.
The employee and employer are responsible for paying an equal share of these taxes. From the employees' pay, 6. The employer must also pay a total of 7. State withholding is the amount withheld from wages for taxes owed to the taxpayer's state of residence. In some cases, the taxpayer may owe taxes to multiple states. For instance, if a remote worker splits their time between two residences in different states, they may owe taxes to each state.
It may be possible for an employer to withhold taxes for each state. State taxes can only be withheld if federal taxes are withheld. Thirteen states and Washington D. Nine states have no state tax withholding, and the rest are elective.
Amounts withheld for taxes may not be sufficient to fulfill a tax obligation, requiring the taxpayer to pay the remaining tax due by the end of the tax year. Withholding is also carried out in retirement accounts. An individual who contributes to a retirement account has the option of either contributing after-tax dollars or before-tax dollars to the account.
If taxes were not paid on the money that was contributed to the account, the individual would have taxes withheld when withdrawing funds from the account. For example, a Traditional IRA account holder does not need to pay capital gains tax on any growth within the account. However, any amount withdrawn after retirement will have a portion withheld as income tax.
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