Change in 2020 Form W4 May Cause People to Owe the IRS
What is Withholding?Withholding is the amount taken from your paycheck to pay federal and state income taxes, and social security and Medicare taxes. From each pay check an amount is “withheld” and your employer turns it over to the Internal Revenue Service. When too little is withheld for federal and state income taxes, you will owe …
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