what is fitw on my paystub

FITW stands for Federal Income Tax Withholding, which is the amount of money taken from an employees wages to cover federal income taxes. Employers withhold a portion of an employee's wages to pay for federal income taxes, and the amount of FITW is determined by the information provided on the employee's Form W-4, as well as the amount of taxable income and how frequently the employee is paid. The FITW is reported on the employee's Form W-2 in box 2, and the goal is to have at least enough FITW during the year to cover the expected federal income tax liability. The FITW is calculated based on the employee's earnings, and if the employee earns more than usual during a pay period, the FITW will increase, and if the employee earns less, the FITW will decrease. The FITW is also reported on the employee's pay stub, where the total taxes section shows exactly how much of the paycheck goes to taxes, and the year-to-date totals are also shown.