Withholding tax is how you pay federal taxes as you earn your income. It keeps you on track so you’re not hit with a big tax bill — or a big refund that could have been in your paycheck all year.

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The Big Picture: Wednesday, April 30, 2025. Explainer. Trump’s first 100 days: Steamrolling government, strong-arming allies and igniting trade wars ...

Aside the bet winnings, the Bill would also remove 1.5% withholding tax on all unprocessed gold from small-scale mining, Dr Forson added. The issue of tax on bet winnings from lottery generated a lot ...

“As part of the ongoing fiscal policy and tax reforms, the 2024 Withholding Tax Regulations, which were approved in July 2024 and published in the Official Gazette in October 2024, take effect ...

The Internal Revenue Service (“IRS”) and the Treasury Department on October 21, 2024, issued final regulations under Sections 3405(a) and 3405(b) of the Internal Revenue Code of 1986, as ...

Deduct federal income taxes based on the employee’s Form W-4 and the IRS’s tax withholding tables. Deduct FICA taxes (Social Security and Medicare taxes) at a rate of 7.65%.

The notice read, “The Deduction of Tax at Source Withholding Regulations, 2024, published in the Federal Government Gazette, takes effect from 1st January 2025.

The good news is that the withholding tax regulation has now been gazetted. “So, the only reason it hasn’t been published today (yesterday) is because it is a public holiday.

Employers, both public and private, who are unable to reflect the new IRS withholding tax tables in their salaries this month, should adjust the tax now paid in excess in the following months. By ...

Calculate FICA withholding using gross wages with no reductions for withholding allowances or pre-tax deductions. The Social Security rate as of 2014 was 6.2 percent.