The Collaborative International Dictionary of English v.0.48:

Withhold \With*hold"\, v. t. [imp. Withheld; p. p. Withheld,
   Obs. or Archaic Withholden; p. pr. & vb. n. Withholding.]
   [With again, against, back + hold.]
   [1913 Webster]
   1. To hold back; to restrain; to keep from action.
      [1913 Webster]

            Withhold, O sovereign prince, your hasty hand
            From knitting league with him.        --Spenser.
      [1913 Webster]

   2. To retain; to keep back; not to grant; as, to withhold
      assent to a proposition.
      [1913 Webster]

            Forbid who will, none shall from me withhold
            Longer thy offered good.              --Milton.
      [1913 Webster]

   3. To keep; to maintain; to retain. [Obs.]
      [1913 Webster]

            To withhold it the more easily in heart. --Chaucer.
      [1913 Webster]

WordNet (r) 3.0 (2006):

withhold
    v 1: hold back; refuse to hand over or share; "The father is
         withholding the allowance until the son cleans his room"
         [syn: withhold, keep back]
    2: retain and refrain from disbursing; of payments; "My employer
       is withholding taxes" [syn: withhold, deduct, recoup]