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What is a levy payment?

A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.

How do you use levy in a sentence?

Examples of levy in a Sentence Noun the legislators approved a new levy on imported cattle to help protect American ranchers Verb They levied a tax on imports. The government will levy a fine on the company.

What is an example of a levy?

The noun levy refers to a charge, such as a tax, fine, or other fee, that is imposed on something. The verb levy is used to describe the act of imposing or collecting the charge. If you need to raise money, for example, you may decide to levy a fine on your family every time you have to make the coffee in the morning.

How is IRS levy calculated?

Subtract the exempt amount from the employees pay after deducting taxes and existing child support and voluntary deductions. The remainder is the levy amount that you must send to the IRS.

What happens when the levy your bank account?

In the case of a bank levy, funds in the account are frozen as of the date and time the levy is received. Normally, the levy does not affect funds you add to your bank account after the date of the levy.

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