Finance:Checkoff
A checkoff or check-off is a bookkeeping mechanism that provides for regular payment of an obligation, typically referring to the collection of union dues via a deduction from a worker's paycheck by an employer.[1] It can also refer to an optional selection on a tax return to instruct that a portion of one's income tax be used for a specific purpose, such as the Presidential Election Campaign Fund.[2] The same term is also used to refer to a mandatory tax on sales of agricultural goods (paid by the producer) which finances a generic commodity marketing and research program; one example is the commodity checkoff programs mandated by the United States Department of Agriculture to promote sales and research of milk, beef, soybeans, or sorghum.[3] The Got Milk? advertising campaign is one well known example of an initiative funded by these checkoff assessments.[4]
See also
- Rand formula - Canadian labor law
- Beef. It's What's for Dinner
- Dairy Management Inc.
- United Soybean Board
References
- ↑ "automatic check-off". Cambridge Business English Dictionary. Cambridge University Press. n.d.. https://dictionary.cambridge.org/dictionary/english/automatic-check-off.
- ↑ "checkoff Definition, Meaning & Usage | Justia Legal Dictionary". https://dictionary.justia.com/checkoff.
- ↑ "Check-off Programs See Strong Growth". Federation of Tax Administrators. 2003. https://www.taxadmin.org/index.php?option=com_content&view=article&id=210:check-off-programs-see-strong-growth---2003&catid=47:fta-publications.
- ↑ "Checkoff Overview" (in en-US). https://nationalaglawcenter.org/overview/checkoff/.
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