What Are Voluntary Deductions?

These deductions are only made if the employee agrees to them. This money pays for different benefits that the employee has elected to participate in. Examples include health and life insurance premiums, employee stock purchase plans, retirement contribution plans,...

What Are The Different Taxes Withheld?

Employers withhold taxes from their employees’ paychecks and hand this money over to the various tax agencies. These deductions include:Federal Income Tax: The rate of tax is based on the tables found in Publication 15.Social Security Tax: The tax rate for Social...