IRS Updates 2013 Withholding

IRS Provides Updated Withholding Guidance for 2013

On January 3, 2013 the IRS released updated income tax withholding tables for 2013 reflecting recent changes by Congress.

The updated tables show the new rates in effect for 2013 and supersede the tables issued on December 31, 2012. The revised version of Notice 1036 contains the percentage method income tax withholding tables and related information that employers need to implement these changes.

Employers should start using the revised withholding tables and correct the amount of Social Security tax withheld as soon as possible in 2013, but not later than February 15, 2013.

For any Social Security tax under-withheld before that date, employers should make the appropriate adjustment in workers' pay as soon as possible, but not later than March 31, 2013.

For additional information, please visit the IRS website or contact Ken W. Seidel at kwseidel@herbein.com or 610.378.1175.