While employers often look for updated withholding tables for payrolls at the start of a new calendar year, some employers may be surprised to see revised tables in effect September 1st from the State of Ohio.
Per information released from the Ohio Department of Taxation: “The new tables take into consideration the income tax rate reductions that went into effect when Amended Substitute House Bill 59 was signed into law. The tables reflect a 9% reduction in the withholding rates previously in effect for 2013, to 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.”
Also effective September 1st is an increase in the state-only sales and use tax rate; the current rate of 5.5% will increase to 5.75%. The rate increase is also a product of Amended Substituted House Bill 59 which raised the state sales / use tax rate while leaving many services originally slated to be taxed as exempt.
To access the Employer Withholding Tax Web page, click here.
To access the Information Release by the Ohio Department of Taxation, click here.
For more information, contact Sharon Stone, CSH Payroll Services Manager at 937.226.0070 or at [email protected] or contact your CSH Representative.