Attention Idaho workers! There’s some positive news about your paycheck. The Idaho State Tax Commission has updated withholding tables to reflect a recent tax cut. Here’s what you need to know:
- Lower Tax Rates Mean More Take-Home Pay: A law change lowered Idaho’s personal income tax rates, and these changes are now reflected in the withholding tables used by employers. This means you should see slightly more money in your paycheck going forward.
- No Need to Adjust for Past Withholding: Don’t worry about getting a retroactive adjustment for the beginning of the year. The new tables are for future paychecks only.
- Updated Tables for Everyone: Employers are required to use the revised withholding tables, which include:
- Percentage Computation Method Withholding Tables
- Wage Bracket Method Withholding Tables
- Idaho Child Tax Credit Allowance Table
- Lower Tax Rate for Supplemental Wages: The tax rate on bonuses, commissions, and other supplemental wages has also been reduced to 5.695%, down from 5.8%.
The Takeaway:
Idaho residents can expect to see a slight increase in their take-home pay thanks to these updated withholding tables. This is good news for workers’ wallets! Remember, this information is for informational purposes only. If you have specific questions about your paycheck or taxes, consult a tax professional.
