What is described as the total of all deductions withheld from a paycheck since the beginning of the year?

The term that refers to the total of all deductions withheld from a paycheck since the beginning of the year is known as Year-to-Date (YTD). This figure accumulates throughout the year and provides a comprehensive view of how much has been deducted for taxes, benefits, retirement contributions, and other withholdings up to that point in time.

Understanding Year-to-Date is important for both employees and employers, as it helps in budgeting, tax planning, and assessing total compensation over the year. This information is critical during tax season when individuals prepare their tax returns, as they need to report the total amount of taxable income and deductions.

Other terms like Net Pay and Gross Pay have different definitions. Net Pay refers to the amount an employee takes home after all deductions, while Gross Pay is the total earnings before any deductions are applied. The Pay Period refers to the specific span of time for which an employee is paid, and does not indicate the total deductions over the year.