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Various state and local taxing authorities in the US require an employer or the employee to withhold and remit a tax on the wages paid to an employee. Some states require both the employer and employee to remit a portion of the total occupational privilege tax (OPT), while others only require one or the other to do so. [1]
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A salary statement, commonly called a payslip, pay stub, paystub, pay advice, or sometimes paycheck stub or wage slip, is a document received by an employee that either includes a notice that the direct deposit transaction has gone through or that is attached to the paycheck.
The rocky outcropping of Blowing Rock in the town of Blowing Rock, North Carolina.. According to the U.S. Census Bureau, the county has a total area of 474.61 square miles (1,229.2 km 2), of which 471.89 square miles (1,222.2 km 2) is land and 2.72 square miles (7.0 km 2) (0.57%) is water.
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment income.
Various levels of government require employers to withhold various types of income tax and payroll tax. [11] In the United States, payroll taxes are used to support Social Security and Medicare costs while income taxes are used for other federal and state programs. [12]
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