NOTE: This Article Has Been Update by an Article Dated January 28, 2014.
See the new article...
The current withholding tax rates will continue for 2014. The withholding tax rates are found in
Publication W-166,
Wisconsin Employer's Withholding Tax Guide.
Changes to Individual income tax rates and income tax brackets:
2013 Act 20 reduced the number of tax brackets from five to four and changed the individual income tax rates effective for table years beginning on or after January 1, 2013.
|
Prior rate | 4.60% | 6.15% | 6.50% | 6.75% | 7.75% |
|
New rate | 4.40% | 5.84% | 6.27% | 7.65% |
Taxable
income* (2013) | $0 - $10,750
$0 - $14,330 | $10,750+ - $21,490
$14,330+ - $28,650 | $21,490+ - $236,600
$28,650+ - $315,460 | $236,600+
$315,460+ |
| *Filing status - single, head of household, estates, trusts (top); married (bottom) |
Because the individual income tax rates have been reduced for 2013 and withholding tax rates have not changed for 2013, individuals may owe less tax (receive a larger refund) when filing their income tax return. However, individuals may adjust their withholding. Options include:
- If you wish to adjust your withholding, complete
Form WT-4 and provide it to your employer.
- If you claim the maximum number of exemptions you are allowed to claim and over withholding still occurs, complete
Form WT-4A and provide it to your employer.
- If you prefer to owe less tax (or receive a larger refund) at the time you file your income tax return, you do not need to adjust your withholding.
September 30, 2013