Daily Court Reporter - News What you should know about withholding taxes
What you should know about withholding taxes
Besides wages, federal income tax is often withheld from other types of income, such as pensions, bonuses, commissions and gambling winnings. Ideally, taxpayers should try to match their withholding amount with their actual tax liability. If not enough tax is withheld, they will owe tax at the end of the year and may have to pay interest and a penalty. If too much tax is withheld, they will lose the use of that money until they get their refund.
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Date Published: January 5, 2016