You Could Be Taking More Money Home In 2022
It’s likely you will be taking home more money in your paycheck after the New Year. That’s because the state is withholding less for taxes, explains Rice Lake accountant Brenda Kupferschmidt. She recommends employees update their state income tax withholding forms with their employers.
“There’s a couple things that will make it dependent — on how often you’re paid and again what you claim — but what I’m noticing it’s anywhere from a $5 to $15 change in the withholding.”
Employers are required to start using the new tax tables no later than January 1 of next year.