Difference between revisions of "Federal income tax withholding"
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Revision as of 19:41, 20 December 2018
Federal income tax withholding (FIT withholding) is amount of federal income tax withheld by the employer from the employee's gross pay; the amount withheld is determined by the employee's gross pay, the pay period, the number of allowances claimed by the employee on the W-4 form, and the marital status indicated on the W-4 form.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Federal income tax withholding (FIT withholding). Amount of federal income tax withheld by the employer from the employee's gross pay; the amount withheld is determined by the employee's gross pay, the pay period, the number of allowances claimed by the employee on the W-4 form, and the marital status indicated on the W-4 form.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
