Withhold definitions
| Word backwards | dlohhtiw |
|---|---|
| Part of speech | The word "withhold" is a verb. |
| Syllabic division | with·hold |
| Plural | The plural form of the word "withhold" is "withholds." |
| Total letters | 8 |
| Vogais (2) | i,o |
| Consonants (5) | w,t,h,l,d |
When it comes to financial matters, the term withhold refers to the action of holding back or deducting a certain amount of money from a payment. This withholding is typically done for various reasons such as taxes, loan repayments, or other obligations.
Types of Withholding
There are different types of withholding that individuals and businesses may encounter. One common form of withholding is income tax withholding, where employers deduct a portion of an employee's wages to cover their tax liability. Another type is withholding for Social Security and Medicare, where a percentage of income is withheld to fund these programs.
Reasons for Withholding
Withholding is done for a variety of reasons, including ensuring compliance with tax laws, repaying debts, or fulfilling other financial obligations. By withholding funds, organizations can streamline the process of meeting these financial responsibilities without relying on individuals to make separate payments.
Withholding and Compliance
Withholding also plays a crucial role in compliance with various regulations. For example, employers are required by law to withhold federal income taxes from employee wages and remit those funds to the government. Failure to do so can result in penalties and legal consequences for the employer.
In summary, withholding is a common practice in finance and accounting that involves deducting funds from a payment for various reasons. Whether it's for taxes, loan payments, or other obligations, withholding helps ensure compliance and streamline financial transactions.
Withhold Examples
- The company decided to withhold bonus payments until the end of the quarter.
- He chose to withhold the information from his colleagues to protect their privacy.
- The government can withhold funding from organizations that do not comply with regulations.
- She had to withhold her emotions during the challenging conversation.
- The teacher warned the students that she would withhold recess if they did not finish their assignments on time.
- The judge has the authority to withhold evidence from being presented in court.
- Parents sometimes choose to withhold dessert as a form of discipline for their children.
- The bank may withhold a portion of the loan until certain conditions are met.
- The athlete was caught trying to withhold information about his doping scandal.
- The prosecutor cannot withhold evidence that is crucial to the case.