Answer: Retirement savingsRetirement savings is not a tax or deduction that can be withdrawn from your paycheck. However, you can contribute to a retirement savings account, such as a 401(k) or IRA, from your paycheck. These contributions will reduce your taxable income, but they will not be withdrawn from your paycheck.Here are some of the taxes and deductions that can be withdrawn from your paycheck:
- Federal income tax
- State income tax
- Social Security tax
- Medicare tax
- FICA tax (Social Security and Medicare combined)
- Local taxes
- Health insurance premiums
- Retirement contributions (optional)
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