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Payroll Announces Tax Changes
The Internal Revenue Service has released adjusted tax withholding tables for 2009, reflecting tax breaks that total $400 for most working individuals and $800 for most married taxpayers. The tax credit is phased out for taxpayers with adjusted gross income in excess of $75,000, or $150,000 for married couples filing jointly.
The Payroll Department has input the updates and employees will see the changes beginning with the March 27, 2009 check date.
It is not necessary to submit a Form W-4 to get the automatic withholding change. However, an employee with multiple jobs or married couples whose combined incomes place them in a higher tax bracket may elect to submit a revised W-4 to ensure enough withholding is held to cover the tax for his or her combined income. Tax forms may be downloaded from the Payroll website or at www.irs.gov/pub/irs-pdf/fw4.pdf.
For more information, visit the IRS website.