A new version of Payroll Mate ® payroll software has been released to implement Ohio’s New Income Tax Cut.
Ohio’s House Bill 59 (H.B. 59) cuts Individual Income Tax Rates 10% or $3 billion over the next three years.
Ohio employers must implement the new withholding tables starting September 1, 2013.
Below are the new tables:
More Than But Not More Than Amount To Be Withheld Is:
|$ 0||$ 5,000.00||0.581% of such amount|
|5,000.00||10,000.00||29.05||plus||1.161% of excess over||$ 5,000.00|
|10,000.00||15,000.00||87.10||plus||2.322% of excess over||$ 10,000.00|
|15,000.00||20,000.00||203.20||plus||2.903% of excess over||$ 15,000.00|
|20,000.00||40,000.00||348.35||plus||3.483% of excess over||$ 20,000.00|
|40,000.00||80,000.00||1,044.95||plus||4.064% of excess over||$ 40,000.00|
|80,000.00||100,000.00||2,670.55||plus||4.644% of excess over||$ 80,000.00|
|100,000.00||3,599.35||plus||5.805% of excess over||$100,000.00|
Click here to download a new version of Payroll Mate with the latest withholding tables.