IRS Provides Updated Withholding Guidance for 2013
The IRS released updated income tax withholding tables for 2013 reflecting the recent bill signed by President Obama. The updated tables show the new rates in effect for 2013 and supercede the prior tables released on 12/31/2012.
Furthermore, employers should also start withholding Social Security tax at the rate of 6.2% of wages paid following the expiration of the payroll tax holiday expiration. Employers have until 2/15/2013 to revise withholding amounts with the new figures.
To view IRS Notice 1036, please click HERE