Snyder and Associates

 

Tax Byte

Ohio Reduces State Withholding Tables - Effective Immediately

We just sent a reminder about the state sales tax increase that was part of the governor's budget - here's the upside of the 2013 Budget Bill.  The personal income tax rates are being reduced by 9%, and the state has issued new withholding tables to be used starting September 1, 2013.  This means all working Ohioans should see an immediate increase in their take home pay once their employers implement the new withholding tables.

The new tables conform with the 8.5% and 0.5% decrease in individual income tax rates in effect for taxable years 2013 and 2014, respectively.  The new tables are to be used for the remainder of the 2013 calendar year and for all of 2014.

Those of you using outside payroll companies have nothing to do.  They should be reflecting the law change in payrolls generated this month.

Quickbooks will be issuing a payroll tax update for subscribers to its payroll service.  Quickbooks users should see the new tables on update #21316 which is set to be released September 19th.

If you figure your own payroll you will find the new tables on the Employer Withholding Tax Web page, which can be assessed by clicking here.  The tables include the percentage method for calculating withholding as well as daily, weekly, biweekly, semimonthly and monthly tables.

If you have any questions regarding the new withholding tables, please do not hesitate to give us a call.


Dan Fisher,

Account Manager

 

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