Examlex
MATCHING
Match each description with the item below.
-Francis Cabot Lowell
Percentage Method
An IRS method for calculating the amount of taxes to withhold from an employee's paycheck based on income brackets.
Federal Income Tax
An annual charge imposed by the U.S. government on the income of individuals, businesses, trusts, and various legal bodies.
Exemptions
Deductions allowed by tax authorities on a taxpayer's income, often based on the number of dependents, reducing the taxable income.
W-2's Filing
The process of submitting the Form W-2, which reports an employee's annual wages and the amount of taxes withheld from their paycheck, to the IRS.
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