Difference between revisions of "Withholding"
Jump to navigation
Jump to search
| Line 1: | Line 1: | ||
| − | '''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: | + | [[category:taxation]] |
Revision as of 08:55, April 17, 2009
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.