NC Tax Withholding Should Be On Employee Checklist
RALEIGH, N.C. (AP) — North Carolina’s tax collection agency is reminding millions of people who work or generate other income to fill out a new form by the end of the month to ensure the amount withheld from their paychecks is adjusted under a new tax law.
The law approved this summer reduces state tax rates while eliminating dozens of deductions, exemptions and credits starting in 2014. That means the current state withholding forms employees fill out for employers are no longer accurate.
Most people probably won’t claim any allowance on the new withholding form, but they’ll receive a higher standard deduction.
More than 4.3 million taxpayers reported in 2012 having withheld at least some money.
The Department of Revenue says new forms have been sent to about 240,000 employers and payers of annuities.
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