Difference between revisions of "Withholding"
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| − | Withholding is the collection of a portion of [[ | + | '''Withholding''' is the collection of a portion of wages to cover the [[income tax]] due. The goal is to make it easier for people to pay; it replaced a system whereby people paid all their income taxes for a given year on March 15 the following year. It was devised in 1943 to help pay for World War II by [[Milton Friedman]], at the time a liberal. |
| − | [[ | + | [[Category:Taxation]] |
Latest revision as of 21:52, July 13, 2016
Withholding is the collection of a portion of wages to cover the income tax due. The goal is to make it easier for people to pay; it replaced a system whereby people paid all their income taxes for a given year on March 15 the following year. It was devised in 1943 to help pay for World War II by Milton Friedman, at the time a liberal.