The IRS has updated income-tax withholding tables for 2013, reflecting this weeks changes by Congress. The tables, issued after President Obama signed the changes into law, show the new rates in effect for 2013 and supersede the tables issued on Dec. 31, 2012.
The newly revised version of Notice 1036 also contains the percentage method income-tax withholding tables and related information that employers need to implement these changes. Employers should also begin withholding Social Security tax at the rate of 6.2 percent of wages paid following the expiration of the temporary two-percentage-point payroll tax cut in effect for 2011 and 2012. The payroll tax rates were not affected by this weeks legislation.
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