BANKING GENERAL KNOWLEDGE
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Question
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Tax withheld from your paycheck that goes to pay for the US Interstate Highways, US armed forces, and Congress salaries
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Federal Tax
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State Tax
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Social Security Tax
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Medicare
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Explanation:
Detailed explanation-1: -For employees, withholding is the amount of federal income tax withheld from your paycheck. The amount of income tax your employer withholds from your regular pay depends on two things: The amount you earn. The information you give your employer on Form W–4.
Detailed explanation-2: -All persons (’withholding agents’) making US-source fixed, determinable, annual, or periodical (FDAP) payments to foreign persons generally must report and withhold 30% of the gross US-source FDAP payments, such as dividends, interest, royalties, etc.
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