What is the withholding tax?
Withholding taxes are those subtracted by the employer from employee wages pursuant to the provisions of the City Ordinance. Any taxes withheld by an employer from an employee are held in trust. Consequently, it is illegal to withhold any sum and not subsequently forward it to the Tax Division as required by the City Ordinance. Businesses must deposit withheld taxes monthly or quarterly, depending upon the dollar amount withheld.
