MLchartDataset catalogue

Withholding

Term · Law · MLC-T-LAW-005250

The deduction of money from an employee's wages or other payments by an employer, to be paid directly to the government as an advance payment of income tax or other obligations. This system facilitates tax collection throughout the year rather than in a single lump sum. Federal income tax, Social Security, and Medicare taxes are commonly withheld from paychecks.

Table 1. Record
IdentifierMLC-T-LAW-005250
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-005250",
  "term": "Withholding",
  "field": "Law",
  "definition": "The deduction of money from an employee's wages or other payments by an employer, to be paid directly to the government as an advance payment of income tax or other obligations. This system facilitates tax collection throughout the year rather than in a single lump sum. Federal income tax, Social Security, and Medicare taxes are commonly withheld from paychecks.",
  "url": "https://mlchart.com/terminology/law/withholding/"
}

Record 5,388 of 5,441 in Law terminology (MLC-0107). Request the full dataset.