ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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income
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debt
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withholdings
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pay stub
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Detailed explanation-1: -Withholdings are amounts taken out of every employee’s paycheck to pay their income taxes for that pay period. Deductions are amounts taken out for benefits and donations the employee has chosen, such as retirement, healthcare, or special funds.
Detailed explanation-2: -Tax withholding, also known as tax retention, Pay-as-You-Go, Pay-as-You-Earn, Tax deduction at source or a Prélèvement à la source, is income tax paid to the government by the payer of the income rather than by the recipient of the income.
Detailed explanation-3: -A deduction is an expense that can be subtracted from a taxpayer’s gross income in order to reduce the amount of income that is subject to taxation.
Detailed explanation-4: -Withholding tax is a tax that is deducted by the payer of the income. This withholding tax is also called retention tax.