Fundamentals of Taxation
Quiz 10: Payroll Taxes
The withholding tables are structured so that employers withhold approximately the same amount for a given annual income regardless of how often the employee is paid.
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Form W-4 is used by employees to indicate the filing status and number of withholding allowances claimed on Form 1040.
The more exemptions claimed,the more tax that is withheld and the smaller the net check.
FICA taxes are collected equally from the employee and the employer.
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