garnishment

Examples of garnishment in the following topics:

• Disposable Income

  • For the purposes of calculating the amount of income subject to garnishment, United States federal law defines disposable income as an individual's compensation (including salary, overtime, bonuses, commission, and paid leave) after the deduction of health insurance premiums and any amounts required to be deducted by law.
  • Amounts required to be deducted by law include federal, state, and local taxes, state unemployment and disability taxes, social security taxes, and other garnishments or levies, but does not include such deductions as voluntary retirement contributions and transportation deductions.

• Financial Management Before and During Bankruptcy

  • In other words, the debtor should do nothing since a company with no assets or income cannot undergo garnishment by a creditor.

• Aging and Wealth

  • Right now, more money is being garnished through taxing the current workforce than is being paid out to retirees.