On January 1, 2025, employers, accountants, payroll providers, and software developers should begin using the new SC withholding tables and formula. The 2025 South Carolina withholding rate is 3% for yearly incomes between $3,560 and $17,830. The rate is 6.2% for yearly incomes $17,830 and above. Yearly amount per allowance is $4,860. Maximum standard deduction … Read more
Starting with the 2024 tax year, the threshold for filing W2’s electronically is 125 or more. 2024 State of Arkansas W-2 / 1099 information must be submitted on or before January 31st 2025. W2 Mate 2024 supports the latest Arkansas W2 and 1099 electronic filing requirements including EFW2 format (W2s) and IRS Publication 1220 (1099s). … Read more
The 2025 MI withholding rate is 4.25% and the personal exemption is $5,800. The Michigan Department of Treasury has published the revised income tax withholding tables effective for the year 2025 with the following payroll periods: weekly, or 52 pay periods; biweekly, or 26 pay periods; semi-monthly, or 24 pay periods; and monthly, or 12 … Read more
Colorado standard income tax rate to remain at 4.40% until October 2025. The Colorado Department of Revenue reminds employers and tax professionals that any possible temporary rate reductions under “Colo. Rev. Stat. § 39-22-627” for the 2025 income tax year cannot be determined until October 1, 2025. Therefore, wage withholding will continue at the standard … Read more
2024 Forms 1099-NEC are due to contractors and the IRS by Jan. 31, 2025. If you paid an independent contractor $600 or more, report this amount in Box 1 of Form 1099-NEC. If you withheld any backup withholding, enter this amount in Box 4 of the form. Remember to file Form 945 with the IRS … Read more