Tuesday, August 4, 2015

U.S. Payroll Round 5 Tax Update Released

On Friday, July 31st, the state of Ohio released revised tax tables effective 8/1/2015.

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; 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, which can be accessed by clicking here.  The tables include the percentage method for calculating withholding as well as daily, weekly, biweekly, semimonthly and monthly tables.

The new date after you install is 8/7/2015.

Below are the new rates:









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