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related to the practice, at times required by law, of deducting money upfront before paying the balance. Generally used in the context of taxes.

10 votes
Accepted

Correcting Social Security Administration's record of my income

It is entirely possible that you had no FICA taxes withheld while you were a graduate student on stipend. There is a Student Exception to the FICA tax that may have applied to you. Your 1040 tax retur …
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15 votes

Can someone withhold $0 in federal income tax?

actually affected your withholding. … If you haven’t filled out a new W-4 since it was redesigned, then your withholding is probably not optimal. …
Ben Miller's user avatar
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27 votes
Accepted

How much do I withhold for an employee receiving $2000 every two weeks?

The withholding tables that you would use are in IRS Publication 15-T, Federal Income Tax Withholding Methods. Your state will have more requirements and forms that will need to be filled out. … If you are new to it, the easiest way is to either use a payroll service from your accountant or subscribe to a software payroll service such as Quickbooks, which will calculate all the tax and withholding
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3 votes

Payroll contributions vs. Extra withholding: which one takes precedence?

And if you have a preference, then adjust your withholding and/or contribution amounts so that they don’t add up to more than your paycheck. …
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6 votes

Why is tax withholding based on the current paycheck only and not cumulative?

Tax withholding is only at best a rough estimate. This is because there is so much information that goes into your tax calculation on your return that your employer doesn't know. … The IRS has a withholding calculator that allows you to input your current situation and tells you how to adjust your W-4 form to be more accurate. …
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7 votes

Am I exempt from taxes if I work for a college?

federal and state income taxes, but if you are a part time employee making a small amount of money, you probably aren't projected to be paid enough between now and the end of the year to trigger the withholding
Ben Miller's user avatar
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4 votes

What is deducted from a social security monthly payment?

Tax withholding from Social Security benefits is voluntary. By default, no taxes are withheld. … On that form, you can request 7%, 10%, 15%, 25%, or no withholding. Fill out that form and submit it to the Social Security office to change your withholding. …
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5 votes
Accepted

How to minimize over-withholding of taxes

See "How can I adjust tax withholding so that I don't get a large Tax Refund?" for more details. … However, keep in mind that your state withholding is perfect right now, and if you increase your exemptions, you will likely owe tax to the state, unless you increase your state withholding at the same …
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17 votes

How can I adjust tax withholding so that I don't get a large Tax Refund?

If you currently have 1 exemption claimed, ask them what the withholding would be if you claimed 4 exemptions. If that's not enough, go higher. … As long as you are not withholding so little that you have a large tax bill at the end of the year, you are fine. …
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