What is a FIT deduction?

Answer by  Chaneygirl (1755)

It is most likely Federal Income Tax deduction. I suspect you are seeing this on you pay stub. This is your federal withholding tax that will be reported on you W2 at the end of the year and claimed on your income tax return as a payment to the IRS.

Answer by  Kurt (4579)

FIT means Federal Income Tax. The box on the paystub that shows FIT means this amount was withheld from the employee's paycheck to cover Federal income taxes. There should also be deductions for Medicare and Social Security.

Answer by  LegalGirl (183)

This is an ambiguous issue and is qualified by a complex legal terminology. What I'm saying is there is no direct answer I can give you. The best I can do, since this is a local municipal issue, is to refer you to an attorney. Contact a local clerical attorney.

Answer by  jb7000 (96)

FIT stands for federal income tax. A FIT deduction is what gets subtracted from gross pay. The amount of exemptions and/or withholding claimed by the indiviudal determine the amount of the FIT deduction.

Answer by  Kurt (4579)

FIT stands for FEDERAL INCOME TAX being deducted from your paycheck. Your employer should have given you a W4 form when you were hired that you fill out to give them instructions on how much tax to be withheld by assigning yourself tax category of single or married and exemptions

Answer by  labgirl (333)

Federal income tax deduction can be abbreviated FIT deduction. Federal income tax deduction refers to the amount of federal income taxes withheld from an employee's paycheck each pay cycle. The employee can adjust the FIT deduction by filing a W-4, however, paying below true tax liability may result in a fine when filing taxes.