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Withheld FICA Tax
Taxes taken out of an employee's paycheck for Social Security and Medicare.
Excess Social Security Tax
The amount of Social Security taxes paid over the maximum limit set for the year, which can occur when an individual works for multiple employers.
Form 1040
The conventional form from the Internal Revenue Service (IRS) employed by individuals to declare their annual income taxes.
Withholding Allowances
A number that employees claim on a W-4 form that determines the amount of money withheld from their paycheck for taxes.
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