Receipt Which Constitutes Withholding Tax
Description
How to fill out Receipt For Payment Of Account?
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FAQ
Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay.
By placing a ?0? on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period. 2. You can choose to have no taxes taken out of your tax and claim Exemption (see Example 2).
The term withholding tax refers to the money that an employer deducts from an employee's gross wages and pays directly to the government. The vast majority of people who are employed in the United States are subject to tax withholding.
Federal Withholding Receipts. The Payroll Office is required to issue each year to all staff members a withholding receipt (Federal Form W-2) showing the total amount of salary or wages paid and the amount of federal income tax withheld. A copy of this receipt is sent to the Director of Internal Revenue.
Suppose you earn $2,000 per pay period. Instead of receiving $2,000, you receive a paycheck for $1,600, because your employer has set aside $400 as a tax withholding. For the year, you pay $10,400 in withheld taxes.
