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Post-tax deductions, on the other hand, are payroll deductions taken from an employee’s check after taxes have already been withheld. Post-tax deductions do not reduce your tax liability.
In 1936 Rex Stout used the word in the Nero Wolfe mystery The Red Box (in chapter three): "He stopped, smiling from Wolfe to me and back again like a haberdasher's clerk trying to sell an old number with a big spiff on it."
When processing payroll, sometimes there is not enough money in the employee's net pay to satisfy all of the garnishments. For example, in a case with federal tax, local tax, and credit card garnishments, the first garnishment taken would be the federal tax garnishments, then local tax garnishments, and, finally, garnishments for the credit card.
Post-tax deductions, on the other hand, are payroll deductions taken from an employee’s check after taxes have already been withheld. Post-tax deductions do not reduce your tax liability.
This brings the total federal payroll tax withholding to 7.65%.) Employers are required to pay an additional equal amount of Medicare taxes, and a 6.2% rate of Social Security taxes. [13] Many states also impose additional taxes that are withheld from wages. Wages are defined somewhat differently for different withholding tax purposes.
"Other postemployment benefits" is an accounting concept created by the Governmental Accounting Standards Board (GASB) by pronouncements designed to address expenses that entities may or may not be legally bound to pay, but pay as a moral obligation. The applicable GASB statements are:
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