Difference between revisions of "Withholding"
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Revision as of 13:25, June 24, 2010
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.