Explain the term - federal income tax, Accounting Basics

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Federal income tax

Except specifically exempted, all income (illegal and legal) is subject to personal income tax. Withholding depends on 1) employee's gross earnings, 2) employee's marital status, and 3) the number of withholding allowances claimed. (Exemptions) employee fills out a W-4 to claim the number of exemptions. Employer uses a tax table to determine correct amount to be withheld.

 


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