Accounting Terms Dictionary

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These are tax monies taken out of an employee’s paycheck and sent to various taxing agencies.

Tomika earns $500 per pay period. Her income taxes are $50 and her social security and Medicare taxes are $38.25. Her paycheck will be only $411.75 because her withholdings were $88.25. $88.25 was sent to the federal government to pay her taxes.

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