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The Special Withholding Allowance May Be Claimed Only by Those

question 77

True/False

The special withholding allowance may be claimed only by those employees who do not itemize deductions on their income tax returns.


Definitions:

OASDI

Old-Age, Survivors, and Disability Insurance; a comprehensive federal benefits program that provides benefits to retirees, disabled people, and survivors of deceased workers.

Medicare

A federal health insurance program in the United States for people aged 65 and over, as well as for certain younger people with disabilities.

Calendar Quarter

A period of three months on the Gregorian calendar that is used in business and finance to split the year into four parts.

Gross Pay

The total amount of money an employee earns before any deductions are taken out such as taxes or retirement contributions.

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