We want to be sure you’re aware that new employer withholding tables have been issued for use with payrolls that end on or after August 1, 2015. According to The Ohio Department of Taxation:
“The new tables take into consideration the income tax rate reductions that went into effect when The Budget Bill was signed into law on June 30, 2015. The tables reflect a 3.1% reduction in the withholding rates previously in effect for 2014, and the new tables are to be used for the remainder of calendar year 2015 and in future years.
The new withholding tables are posted on the Employer Withholding Tax Web page. The tables include the percentage method for calculating withholding as well as daily, weekly, biweekly, semimonthly and monthly tables.”
If you have questions about the new withholding tables, contact The Ohio Department of Taxation at 1-888-405-4039 or e-mail them via their website: www.tax.ohio.gov
Your Clark Schaefer Hackett advisors are also available to assist you in navigating these changes and staying compliant.
