What does it mean to withhold taxes Meaning and Definition
What does it mean to withhold taxes
Pronunciation
/ˈwɪðhɔld/
Part of Speech
Noun / Verb
Definition
A term used to describe the act of deducting a portion of income from an employee’s paycheck and sending it to the government as taxes, prior to the payment of benefits such as Social Security and Medicare.
Examples
- The employer withholds 10% of the employee’s paycheck for taxes.
- What does it mean to withhold taxes from your paycheck each paycheck?
Synonyms
- Tax deduction
- Income tax
Etymology
The term “withhold” comes from the Old English words “with” meaning “by” and “hōld” meaning “hold,” essentially meaning to hold back or deduct.
Usage Notes
When discussing taxes, it is common to use “withhold” to describe the action of deducting a portion of income, such as when an employer withholds taxes from an employee’s paycheck.
Cultural References
In popular culture, the concept of withholding taxes is often referenced in TV shows, movies, and literature, as a way to illustrate the complexities of the tax system.
Idiomatic Expressions or Phrases
- “Don’t get your taxes withheld” (meaning to avoid having too much taken out)
- “Get a refund” (meaning to receive a portion of taxes back due to overpayment)
Related Words or Phrases
- Taxes
- Taxable income
- Tax credits
Collocations
- Withhold taxes from your paycheck
- Get taxes withheld
- File taxes
Frequency of Use
The term “withhold” is commonly used in the context of taxes, particularly when discussing individual taxes and the withholding process.
Common Misspellings
Withhhold, Withitol, Withold, Whitield