Ohio Releases New Payroll Withholding Tables– August 15, 2013 by Karen Raghanti

One of the items in Ohio’s new FY2014-2015 budget is a permanent 10% income tax rate reduction for individuals. The reduction will be phased in from 2013 through 2015, with 8.5% occurring in 2013 and .5% in 2014. The remaining 1% will be introduced in 2015.

As a result, Ohio has published updated withholding tables to be used for the remainder of 2013, starting with payrolls on or after September 1, 2013, and through all of 2014. New withholding tables are anticipated for 2015. For companies that prepare their own payroll, view the 2013-2014 withholding tables.

For more information, contact Karen Raghanti at kraghanti@cohencpa.com or a member of your service team.

This communication is for information only, and any action should only be taken after a detailed review of the specific situation and appropriate consultation.

Notwithstanding that these materials do not constitute legal, accounting or other professional advice, as may be required by United States Treasury Regulations and IRS Circular 230, you should be advised that these materials are not intended or written to be used, and cannot be used by you or any other person, for the purpose of avoiding penalties that may be imposed under federal tax laws. No written statement contained in these materials may be used by any person to support the promotion or marketing of or to recommend any federal tax transaction(s) or matter(s) addressed in these materials, and any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor with respect to any such federal tax transaction matter.