On January 2, President Obama signed into law new tax rates. The Internal Revenue Service has released new withholding tables for your 2013 tax rates.
For most of us, that means no change because Congress kept the same tax rates in place for everyone except those with incomes greater than $400,000 for individuals and $450,000 for married couples. The biggest difference for most taxpayers will come from the fact that Congress allowed the Bush payroll tax cuts to expire. That means your payroll taxes will increase slightly. The IRS issued a statement saying that, for example, a worker making $50,000 a year will have an additional $41 withheld from his paycheck in 2013.
Len Stauffenger’s office helps taxpayers who owe the IRS resolve their IRS problems.
Call us at 888-582-4989