Higher Withholding Tax Takes Effect In Connecticut On Monday

HARTFORD, CT (WCBS 880) – Connecticut residents are well aware of the new and higher sales taxes that have kicked in, and now, they must brace for smaller paychecks.

WCBS 880 Connecticut Bureau Chief Fran Schneidau With The Bad News

The higher withholding tax kicks in on Aug. 1.

Andrew Markowsky, head of the National Federation of Independent Businesses in Connecticut, says not only does this mean smaller paychecks, but a lot of recalculating for those who pay estimated taxes quarterly.

“They’re going to have to readjust those quarterly returns retroactive, as well as plan ahead moving forward,” Markowsky told WCBS 880 Connecticut Bureau Chief Fran Schneidau.

Markowsky notes higher taxes starting Monday are retroactive to January.

“That means that small business owners need to recalculate the withholding for both themselves, as an owner, as well as their employees,” said Markowsky.

The state tax department has issued pages of new withholding tables to help everybody recalculate.

Single or joint filers earning $50,000 a year will be hit with $200 in withholding taxes.


One Comment

  1. bullett says:

    The entire tax structure of America needs to be changed. Every one pays a flat 10% across the board, zero decutions & write offs. Corporations that refuse to do so will be baned from dueing business or selling their goods in America. If they move their profits off shore, go to previous sentence. Oh, and lets not forget to so called releigious sect, same as above. No tax excemptions apply. This should put America back on top as the richiest country ever.

  2. Stefani Green says:

    So glad I left that state!

Comments are closed.

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