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payroll withholdings

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

The amounts withheld for employees’ checks for Social Security tax, Medicare tax, federal income tax, state income tax, and voluntary deductions such as United Way, union dues, 401(k) contributions, employees’ portion of health insurance, etc. To learn more, see Explanation of Payroll Accounting.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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