Examlex
The fourth pair of columns on a 10-column work sheet prepared at the end of the period would be the
Federal Tax Withholding
The portion of an employee's wages removed by the employer and sent directly to the government as partial payment of income tax.
FICA Withholding
The process by which employers withhold social security and Medicare taxes from their employees' paychecks, contributing to the FICA taxes owed.
Social Security Limit
The maximum amount of earnings on which Social Security payroll taxes are levied, also affecting the amount that can be received as Social Security benefits.
AGI
Adjusted Gross Income is your gross income minus allowable deductions, used to determine your taxable income on your federal income tax return.
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