Under the federal income tax withholding law, which of the following is not defined as a Oa. Secretary employed by a not-for-profit corporation b. Partner who draws compensation for services rendered the partnership An employee who is first paid wages in 2020 and fails to furnish a Form W-4 wil True O False

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Breasiasamuel2464idn Breasiasamuel2464idn

06-12-2022
Business

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Under the federal income tax withholding law, which of the following is not defined as a Oa. Secretary employed by a not-for-profit corporation b. Partner who draws compensation for services rendered the partnership An employee who is first paid wages in 2020 and fails to furnish a Form W-4 wil True O False

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Arenasaleem890idn Arenasaleem890idn · Answer 1 · 2022-12-13T02:25:59-05:00

In a legal context, withholding refers to the practice of taking money from someone's income, such as wages or dividends, and federal income tax deducting it by a certain amount or percentage determined by the law.

Employment taxes must be withheld from employees by law-abiding employers. Federal income tax withholding, Social Security and Medicare taxes are all included in employment taxes. The amount of federal tax withholding to be withheld every pay period is calculated by dividing the tax amount by the number of pay periods in a year. Even if an employer, business leader, director, or other person with business responsibility did not realize they were required to collect and pay employment taxes, the IRS may nevertheless impose a civil penalty if they believe they should have known.

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