State releases new withholding tables, calculation rules
While employers and payroll companies may begin using the revised tables immediately, they must begin to apply the revised calculations no later than Aug. 31, 2015.
Changes to the withholding schedules and rules include:
- A delay in the scheduled increase in the personal tax exemption and tax credit for single filers by one year. The personal exemption and credit for single filers (Withholding Code F) in effect for 2014 will remain in effect for the 2015 taxable year. The scheduled increase will resume in taxable year 2016.
- The addition of two new tax rates for upper income earners; and
- New recapture amounts for taxpayers earning in excess of $200,000 a year.
For more information, contact CBIA's Bonnie Stewart at 860.244.1925 | firstname.lastname@example.org | @CBIAbonnie