Sentences with phrase «payroll withholding»
Payroll withholding refers to the process of deducting a portion of an employee's wages or salary to cover taxes, such as income tax, social security, or Medicare. It is done directly from the employee's paycheck before they receive it, ensuring that their taxes are paid regularly throughout the year. Full definition
They contribute to the pension through payroll withholding instead of contributing in the same manner to Social Security.
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Prepared weekly payroll withholding tax reporting, monthly reconciliations, unemployment claims, and computed monthly bonuses.
As part of Philippine payroll's commitment in providing you with resources on payroll computation we will present to you how to compute payroll withholding tax.
I'll assume you are self - employed rather than a commissioned employee, as employees should have their tax determined at source by payroll withholdings.
If the nonresident member has $ 1,000 or more in Maine - source income, but wants to pay through extra payroll withholding, the member must file an affidavit with the entity, promising to comply with Maine's income tax laws.
Explain payroll withholdings, benefits and other aspects of employee paychecks to individual employees as needed.
Both parents find payroll withholding of child support easier and very dependable because the appropriate state agency receives and disburses payment to the custodial parent.
But to test the viability of a payroll withholding system, it would be important to include some borrowers in good standing.
Rather than legislating an immediate conversion to payroll withholding, Congress might provide for an experiment.
There are many reasons for the US to move to a simplified income - driven repayment (IDR) system, in which payments for all borrowers are automatically set based on borrowers» incomes and collected through the payroll withholding system along with their income taxes.
Under a payroll withholding system, most borrowers would not have to make active payments, just as they don't make decisions about paying their income taxes after every paycheck.
Phasing in the payroll withholding system would provide an opportunity to solve unanticipated problems, maintaining the option for borrowers to revert to the current payment system if necessary.
Borrowers who fail to make their expected payments under the traditional system could be automatically subject to payroll withholding.
When you change your payroll withholding, you can get a bigger paycheck each time.
Withholding tax (also known as «payroll withholding») is essentially income tax that is withheld from your wages and sent directly to the IRS by your employer.